Wall Street jumped on Monday as investor sentiment was boosted after U.S. President Donald Trump agreed to hold off on new tariffs and ease some restrictions on Chinese tech giant Huawei.
Meanwhile China agreed to purchase unspecified farm products from the U.S. and both sides agreed to restart trade negotiations.
The S&P 500 gained 34 points or 1.2% by 9:43 AM ET (13:43 GMT). The Dow jumped 271 points or 1% and the Nasdaq composite was up 130 points or 1.6%.
Chipmakers were the biggest gainers, with Advanced Micro Devices (NASDAQ:AMD) up 5%, Intel (NASDAQ:INTC) rising 3% and Micron (NASDAQ:MU) jumping 6.8%.
Technology stocks surged, with Apple (NASDAQ:AAPL) up 2.8%, Facebook (NASDAQ:FB) inching up 0.9% and Tesla (NASDAQ:TSLA) rising 2.2%.
Genesee&Wyoming (NYSE:GWR) surged 8.8% after news that Brookfield Infrastructure and GIC are buying the freight railroad company for $112 per share or $8.4 billion.
Boeing (NYSE:BA) slumped 1% after Bloomberg reported that the software of its 737 Max was outsourced to lower-paid engineers. The aircraft, Boeing's erstwhile cash cow, is currently grounded due to concerns that its software caused two fatal airplane crashes.
Meanwhile Barrick Gold (NYSE:GOLD) fell 3.9% while Beyond Meat (NASDAQ:BYND) declined 3.8%.
In commodities, crude oil jumped 2.3% to $59.83 a barrel after OPEC agreed in principle to extend production cuts by 9 months. Gold futures slipped 1.2% to $1,396.40 a troy ounce, while the U.S. dollar index, which measures the greenback against a basket of six major currencies, was up 0.3% to 95.977.
