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.
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.