Stocks rose sharply on Monday as Treasury yields rebounded, quelling fears of a possible recession. Equities also got a boost after the U.S. agreed to extend a temporary reprieve to Chinese telecom giant Huawei.
The Dow Jones Industrials popped 281.35 points, or 1.1%, to 26,167.36, led by Nike and Goldman Sachs
The S&P 500 gained 35.45 points, or 1.2%, to 2,924.13, as the energy and tech sectors outperformed.
The NASDAQ jumped 116 points, or 1.5%, to 8,012.98
The Wall Street Journal and Reuters reported the Commerce Department was preparing to extend a license for 90 days, which will allow Huawei to continue business with the U.S. companies to service existing customers. The current agreement is set to end on Monday.
Shares of chip makers rose on the reports. On Semiconductor added 3.6%, and AMD gained 1.2%. Micron Technology rose 2.1%.
Apple also advanced 2.5%, after CEO Tim Cook spoke with President Trump on Sunday, who said Cook made a "good case" that it would be hard for Apple to pay tariffs, when Samsung does not face the same level of duties given its manufacturing in South Korea.
Prices for the benchmark 10-year U.S. Treasury tumbled, lifting yields to 1.59% from Friday’s 1.56%. Treasury prices and yields move in opposite directions
Oil prices acquired 85 cents to $55.72 U.S. a barrel.
Gold prices faltered $13.20 to $1,511.40 U.S. an ounce.
