Stocks traded sharply higher on Monday, bouncing back from strong losses in the previous session as trade tensions between the U.S. and China appeared to ease.
The Dow Jones industrial average surged 650 points, with Microsoft as the best-performing stock in the index. The S&P 500 gained 2.3 percent to bounce above its 200-day moving average, with technology and financials leading all sectors higher. The Nasdaq composite advanced 2.6 percent with Apple and Amazon both rising.
Financials rose sharply, with the Financial Select Sector SPDR S&P Fund (XLF) up 3.2 percent. The XLF was also on track for its biggest one-day gain since November 2016.
The Financial Times reported China has offered to buy more semiconductors from the U.S. to help cut its trade surplus with the U.S. Shares of Qualcomm and Intel rose 3.5 percent and 6 percent, respectively, on the news.
