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Stocks jumped Monday on reports that President Donald Trump may hold back from implementing some of his wide-ranging tariff plans, raising hopes the U.S. will avoid plunging the world into an all-out trade war.
The Dow Jones Industrials barreled higher 503.09 points to start the week at 42,488.42.
The S&P 500 Index moved higher 84.33 points to 5,756.89
The NASDAQ leaped 349.65 points, or 2%, to 19,133.70
Stocks are coming off of a much-needed winning week, which saw the S&P 500 end Friday in the green and avoid four-straight weekly losses. After last week’s small gain, the S&P 500 sits 7.8% off its record high.
The NASDAQ Composite also snapped a four-week losing streak last week with a small gain and sits 12% off its record high.
Shares of Tesla, which have fallen nine straight weeks, were up more than 7%, adding to its Friday gains. Meta climbed about 4%, while Nvidia rose nearly 2%.
Investors remain jittery over a potential slowdown in U.S. economic growth, as Trump’s April 2 start date for reciprocal tariffs approaches.
Trump has said the tariffs are aimed at any country that imposes duties on U.S. imports. But the Wall Street Journal reported the tariffs are expected to be more narrow in scope and will likely exclude some industry-specific duties, citing an administration official. Trump will also exclude some nations from the tariffs, Bloomberg News reported. Both the WSJ and Bloomberg News reports noted that the situation remains fluid and the plans could change.
Prices for the 10-year Treasury lost ground Monday, sending yields up to 4.33% from Friday’s 4.25%. Treasury prices and yields move in opposite directions.
Oil prices sagged 66 cents to $68.94 U.S. a barrel.
Prices for gold fell $7.50 an ounce to $3,013.90 U.S.
