Stock markets hit a strong end on Monday as worries over a trade war eased.
The Dow Jones Industrial Average climbed 669 points or 2.8 percent and closed at 24,202. A deep breath – then exhaled – over fears that a stock market crash would end the global economic boom.
The Standard & Poor's 500 stock index gained 2.7 percent. Even the tech-savvy Nasdaq group, which was beset last week on its go-to-winner Facebook due to data problems, rose 3.3 percent. It was the best day in the markets since 2015.
The boomerang came, according to US Treasury Secretary Steven Mnuchin, that he was optimistic that the US and China could avert a trade war.
President Trump announced last week his intention to raise at least $ 60 billion for Chinese imports to the United States. China in turn signaled that it would tax some US goods sold in that country. The stock sent back to one of their worst weeks in years.
"We have very productive talks with them," Mnuchin told Fox News Sunday, referring to the Chinese dialogue. "I am cautiously hopeful that we will reach an agreement."
Other Trump government spokesmen went to work on Monday to reassure the government's efforts to revise trade agreements with China and its North American trading partners, Mexico and Canada
Trump trading czar Peter Navarro appeared on CNBC's Monday Squawk Alley, where he supported US efforts to renegotiate the North American Free Trade Agreement. A few weeks ago, NAFTA looked dead.
"It looks like we could get a really good deal on NAFTA," Navarro said.
The president said in a Monday tweet the economy as "looks really good, it's been many years since we've seen that kind of numbers."
Among the leaders of the blue-chip Dow composite in the Monday afternoon's trading included several technology games, including Micsrosoft, Intel, Apple and United Technologies. General Electric was the only straggler in the Dow who dropped by 1 percent.
U.S. The stock markets are coming out of their worst week in more than two years.
The Dow Jones industrial average fell on Friday in the final hours of a bouncy day, closing at 424 points, down 1.77 percent. The Dow lost 1,100 points in the last two trading days of the last week.
"It's the old 'sell on the news' and then regroup," said Daniel P. Wiener, CEO of Adviser Investments, a Newton, Massachusetts-based firm, which has more than $ 5 Managed billions of assets. It remains to be seen how far President Trump will go with these tariffs … and if cooler heads will help him, the uncompromising $ 60 billion statement he made last week, He has already withdrawn the flat rate 25 and 10 percent tariffs on steel and aluminum. "
Despite the recovery of Nasdaq, Facebook continued to decline on Monday as the social media powerhouse spiked with more when 2 billion users from a data crisis emerged abuse. The Federal Trade Commission announced Monday that it is investigating the company after it was reported that Cambridge Analytica lost information to over 50 million users. Facebook is 20 percent off its 52-week high.
The Dow seems to be climbing out of the correction area. The 30-member Blue Bellwether closed last Friday by more than 10 percent from 26 January. A 10% decline from its peak early this year is considered a correction.
The Dow Jones remains at one of the worst months since 2015, as investors are concerned that Trump's trade policy and its consequences could impact the robust global economy. The markets in the US fell rapidly early this year, when it imposed high tariffs on steel and aluminum imports.
All 11 sectors of the S & P were positive on Monday. Financial services, information technology and consumer staples were groundbreaking. The big winners were the repair shops of Lowe, Microsoft and Intel.
"This is a relief rally in technology stocks that may not be suffering from the tense China, as feared last week," said Washington Investment Manager Michael Farr. "Tech was hammered the hardest last week and climbs highest today."
The S & P has fallen 1.8 percent so far this year, while the Nasdaq Composite remains positive.
The US economy is in good shape, helped by the fiscal stimulus of the recent Republican tax cuts, the return of several tens of billions of dollars in corporate profits and the massive state budget signed last week under President Trump.