US stocks rose sharply in early trading Monday as the market made up some of its huge losses from last week.
The Dow Jones industrial average surged almost 670 points, erasing almost half the ground it lost last week and marking the biggest gain since August 2015.
Traders are hoping that negotiations between China and the USA will ease tensions over trade. Mnuchin and Lighthizer sent to Mr. Liu late last week, the Trump administration set out specific requests that include a reduction of Chinese tariffs on USA automobiles, more Chinese purchases of US semiconductors and greater access to China's financial sector by American companies, the people said.
Microsoft jumped 7.6 percent and Bank of America climbed 4.4 percent. The Nasdaq climbed 195 points, or 2.8 percent, to 7,188.
The 10-year U.S. Treasury note yield fell sharply to 2.81 percent last week as investors sought safe haven from volatile stocks. Brent crude, used to price worldwide oils, shed 23 cents to $69.58 in London. Microsoft was the biggest gainer in the 30-company Dow and the Standard & Poor's 500 index, climbing almost 8 per cent. The Russell 2000 index of smaller-company stocks picked up 12 points, or 0.9 per cent, to 1,522. The stock, which already took a big hit last week, Facebook fell another 2.2 percent.
The Federal Trade Commission announced it's probing Facebook after news reports raised "substantial concerns about the privacy practices" of the social media site.
Finish Line vaulted $3.28, or 31.1 per cent, to $13.83 after the sporting goods retailer agreed to be bought by JD Sports Fashion PLC. The euro strengthened to $1.2437 from $1.2367. In Asia, Tokyo's Nikkei 225 added 0.7 per cent, while Hong Kong's Hang Seng rose 0.7 per cent. Sydney's S&P-ASX 200 fell 0.5 per cent. Seoul's Kospi gained 0.8 per cent. India's Sensex rose 0.3 per cent. While the U.K.'s FTSE 100 Index has edged down by 0.1 percent, the French CAC 40 Index and the German DAX Index are down by 0.3 percent and 0.4 percent, respectively.
In recent trading, the major averages have pulled back off their highs of the session but continue to post strong gains.
Although crude and product futures slipped on Monday, most share prices for energy companies and refiners in particular were up, Yawger said.