Stocks surge in early Monday trading; Dow up 450

Stocks surge in early Monday trading; Dow up 450

Wall Street got over its trade war fears for a day.

The Dow industrials were up 486 points, or 2.1 percent, at 24,022. "Investors are still viewing this as a glass half-full market and a constructive economy, so it's not surprising to see them buy on value here, buy on dips to try to rebuild their positions". The Standard & Poor's 500-stock index was up 46 points, or almost 1.8 percent. Retailers, consumer goods companies and health care stocks were among the big gainers. The only bigger point gains on record were in October 2008, during the financial crisis.

Investors appeared to shake their trade war fears on Monday as stocks bounced back from last week's losses. The Journal said U.S. Treasury Secretary Steven Mnuchin and China's economic czar, Vice Premier Liu He, were leading negotiations.

A Treasury Department spokesperson declined to confirm the report. "I'm cautiously hopeful we'll reach an agreement, but if not we are proceeding with these tariffs". "A sharp V recovery may not be all that surprising".

President Trump last week announced his intention to impose at least $60 billion in tariffs on Chinese imports into the United States.

Technology companies accounted for much of the broad rally, which powered the Dow Jones industrial average to a gain of almost 670 points. The Dow, S&P 500 and the Nasdaq suffered their biggest weekly losses since January 2016.

China's government said it is open to negotiating with Washington following a news report indicating that US officials have submitted a list of market-opening requests.

"When push comes to shove, we expect limited economic impact and manageable disruption to the supply chains of USA companies", he said.

Although crude and product futures slipped on Monday, most share prices for energy companies and refiners in particular were up, Yawger said. A Morgan Stanley analyst report said the company could top $1 trillion in market value within a year, powered by its cloud computing services.

Facebook fell another 2.2 percent after the Federal Trade Commission said it was investigating the company's privacy practices. The yield on the 10-year Treasury rose to 2.84 percent from 2.81 percent late Friday. Yields move opposite to prices.