By DAMIAN J. TROISE, Associated Press Business Writer
NEW YORK (AP) — Stocks rose in morning trading Monday as Wall Street tries to navigate through the uncertainty of a trade war.
The S&P 500 jumped 1.4%. It is coming off its first winning week after a four-week losing streak.
The Dow Jones Industrial Average rose 505 points, or 1.2%, as of 10:11 a.m. Eastern. The Nasdaq composite rose 1.7%.
Wall Street remains focused on how tariffs could eventually impact inflation, consumer spending and economic growth. Stocks have been riding waves of hope and worry as tariffs are announced, then either implemented or pulled. A new round of tariffs scheduled to be implemented on April 2 could also be softened or postponed rather than take effect.
Gains on Monday were broad. More than 85% of stocks within the S&P 500 rose. Every sector within the index notched gains.
Technology stocks led the way. The sector has been the driving force behind much of the broader markets movement, whether up or down. The stocks are among the most valuable on Wall Street and tend to have an outsized impact on the broader market’s direction.
Nvidia rose 2.1% and Apple rose 0.9%.
Tesla rose 7.9%. The electric vehicle maker is still down about 30% for the year. It has been struggling on worries that customers are turned off by CEO Elon Musk’s leading efforts to slash spending by the U.S. government.
Genetics testing company 23andme lost half its value after it announced over the weekend that it had initiated voluntary bankruptcy proceedings.
AZEK Co. jumped 16% after the building materials company announced it was being bought by Australia’s James Hardie Industries in a cash-and-stock deal valued around $8.75 billion.
It’s the second large deal in the sector in less than a week, with QXO Inc. announcing on Thursday that it was buying Beacon Roofing Supply Inc. in a deal worth about $11 billion, including debt.
In the bond market, Treasury yields rose. The yield on the 10-year Treasury rose to 4.32% from 4.25% late Friday.
Markets in Europe and Asia were mixed.
Chinese Premier Li Qiang struck a conciliatory tone during a meeting with business leaders and U.S. Senator Steve Daines, a strong supporter of President Donald Trump, who is the first member of Congress to visit Beijing since Trump took office in January.
Relations between the countries “have come to an important juncture,” Li said. “Our two sides need to choose dialogue over confrontation, win-win cooperation over zero-sum competition,” he said, adding that China hoped that the U.S. would work together to promote the steady and sustainable development of the China-U.S. relations.
Jiang Junzhe and Matt Ott contributed to this report.
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