By April Joyner
NEW YORK (Reuters) – Wall Street’s major indexes rose more than 1 percent each on Monday as technology stocks jumped and a softer stance by U.S. policymakers on China tariffs powered a rebound from last week’s sell-off.
Led by tech, ten of the 11 major S&P sectors were higher and 29 of the 30 Dow components were in positive territory. Goldman Sachs
U.S. President Donald Trump’s economic adviser Larry Kudlow told CNBC that the president may be open to forming an international coalition to grapple with Chinese trade issues.
“We’re getting a little bit softer commentary from folks with the (Trump) administration,” said Keith Lerner, chief market strategist at SunTrust Advisory Services in Atlanta. “We’re basically recouping what we lost on Friday.”
Global equity markets came under pressure last week as the United States and China threatened each other with tens of billions worth of tariffs.
Investors will look for further indications of China’s stance on trade relations when Chinese President Xi Jinping speaks at the Boao Forum, an economic conference in Asia, on Tuesday.
The week also marks the start of earnings season with big U.S. banks such as JPMorgan Chase
“Profits are a big part of the bull story,” Lerner said. “We think this earnings season will re-establish the uptrend in the market.”
The Dow Jones Industrial Average <.DJI> rose 352.73 points, or 1.47 percent, to 24,285.49, the S&P 500 <.SPX> gained 38.91 points, or 1.49 percent, to 2,643.38 and the Nasdaq Composite <.IXIC> added 115.09 points, or 1.66 percent, to 7,030.20.
The FANG group, comprising four closely-watched momentum stocks – Facebook Inc
Facebook chief executive Mark Zuckerberg is scheduled to testify before Congress this week regarding security issues related to the misuse of user data. In remarks released by the U.S. House Energy and Commerce Committee on Monday, he apologized for not taking enough measures to protect Facebook users’ information. AveXis Inc
Merck & Co Inc
Shares of Leucadia National Corp
Advancing issues outnumbered declining ones on the NYSE by a 2.10-to-1 ratio; on Nasdaq, a 2.12-to-1 ratio favored advancers.
(Additional reporting by Sweta Singh and Diptendu Lahiri in Bengaluru; Editing by Arun Koyyur and Nick Zieminski)