Markets Right Now: Trade truce sends stocks solidly higher
NEW YORK (AP) - The latest on developments in financial markets (all times local):
Stocks finished solidly higher on Wall Street as investors welcomed news of a 90-day truce in the trade battle between the U.S. and China.
The broad rally Monday, which lost some of its early morning momentum, followed gains in overseas markets.
The stand-down was agreed to over the weekend at a meeting between President Donald Trump and his Chinese counterpart Xi Jinping at the G-20 summit.
Technology companies did particularly well. Chipmaker Advanced Micro Devices jumped 11.3 percent.
The price of oil rallied 4 percent, sending energy companies higher.
The Dow Jones Industrial Average rose 287 points, or 1.1 percent, to 25,826. It was up 441 earlier.
The S&P 500 index rose 30 points, or 1.1 percent, to 2,790. The Nasdaq increased 110 points, or 1.5 percent, to 7,441.
Stocks moved higher in midday trading after the U.S. and China agreed to a 90-day truce in their escalating trade dispute.
Technology and energy companies rose Monday following gains in overseas markets as investors welcomed news of the temporary stand-down.
Advanced Micro Devices, a chipmaker, jumped 8.9 percent.
The price of oil rallied 2.4 percent to just over $52 a barrel after the Canadian province of Alberta announced a large cut in production. Many expect OPEC to follow suit on Thursday.
The Dow Jones Industrial Average rose 142 points, or 0.6 percent, to 25,678. It was up 441 earlier.
The S&P 500 added 13 points, or 0.5 percent, to 2,773. The Nasdaq increased 61 points, or 0.9 percent, to 7,392.
Markets in Europe and Asia also rose.
Stocks are opening sharply higher on Wall Street, following gains in overseas markets after the U.S. and China struck a 90-day truce in their trade dispute.
The Dow Jones Industrial Average jumped more than 400 points in early trading Monday following the cease-fire.
The initial agreement to stand down on trade came at a dinner meeting between President Donald Trump and his Chinese counterpart Xi Jinping at the G-20 summit over the weekend.
Big-name tech companies led U.S. stocks higher. Apple rose 2.2 percent.
The Dow rose 427 points, or 1.7 percent, to 25,962.
The S&P 500 index rose 37 points, or 1.3 percent, to 2,797. The Nasdaq composite climbed 130 points, or 1.8 percent, to 7,457.
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