US stocks closed sharply higher on the first trading day of the week, following a rally in Treasury securities as the market eased concerns that a renewed trade war could hurt corporate prospects.
The S&P 500 rose 2% while the Dow jumped 1.8% and the Nasdaq 100 gained 2.4%. President Donald Trump delayed 50% tariffs on the European Union until July 9 and sounded a positive tone about the possibility of a trade deal to avoid new obstacles.
Meanwhile, long-dated Treasuries enjoyed some respite as Japan signaled it would reduce issuance of long-curve notes, helping credit-sensitive stocks in the US. Tesla jumped 6.5% after CEO Elon Musk said he would refocus on his company and reduce political involvement. Also, Nvidia rose 3% to set the pace for chipmakers ahead of its earnings later this week. Finally, US Steel closed 2% higher at $53 on news that the company may be acquired by Nippon Steel for $55 with gold shares for the US government. (alg)
Source: Trading Economics
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