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Stocks - Wall Street Rises as Investors Shrug Off Trade War Worry

Investing.com
Wall Street opened higher on Monday.
Wall Street opened higher on Monday.

Investing.com - Wall Street surged on Monday, as investors shrugged off trade war fears and Friday’s upbeat jobs data continued to bolster sentiment.

The S&P 500 rose 12 points, or 0.45%, to 2,884.60 as of 9:42 AM ET (13:42 GMT), while the Dow increased 88 points, or 0.34%, to 26,004.54 and the tech-heavy Nasdaq Composite gained 15 points, or 0.20%, to 7,918.42.

U.S. President Donald Trump warned on Friday that he would impose tariffs on $267 billion worth of Chinese imports, on top of an earlier promise of tariffs on $200 billion worth of Chinese goods. China’s foreign ministry said on Monday that it would respond to any new steps on trade.

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Meanwhile U.S. officials are expected to meet with European Union officials in Brussels to discuss trade tariffs.

Tesla (NASDAQ:TSLA) was among the top gainers, surging 5.23% amid reports that its is starting “immediate deliveries” of its Model 3 on a first come, first served basis. Advanced Micro Devices (NASDAQ:AMD) rose 3.25%, while Nike (NYSE:NKE) jumped 2%.

Elsewhere, Chinese e-commerce giant Alibaba (NYSE:BABA) slumped 2.54% amid news that founder Jack Ma is stepping down, while CBS (NYSE:CBS) fell 1.74% after its chairman Leslie Moonves resigned on Sunday amid sexual assault allegations. Apple (NASDAQ:AAPL) decreased 1.50%, while Jd.Com (NASDAQ:JD) dipped 1.60%.

In Europe stocks were up. Germany’s DAX rose 44 points, or 0.38%, while in France the CAC 40 increased 36 points, or 0.70%, and in London the FTSE 100 was up 7 points, or 0.10%. Meanwhile, the pan-European Euro Stoxx 50 gained 27 points, or 0.84%, while Spain’s IBEX 35 surged 118 points, or 1.30%.

In commodities, gold futures rose 0.16% to $1,202.30 a troy ounce, while crude oil futures increased 0.71% to $68.23 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, lost 0.33% to 95.07.

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