Stocks rose sharply on Monday as Treasury yields rebounded, quelling fears of a possible recession. Equities also got a boost after the U.S. agreed to extend a temporary reprieve to Chinese telecom giant Huawei.
The Dow Jones Industrial Average traded 230 points higher, or 0.9%, led by Nike and Goldman Sachs. The S&P 500 gained 1% as the energy and tech sectors outperformed. The Nasdaq Composite advanced 1.1%.
These gains add to a rebound that started last week after the Dow posted its worst session of 2019. The 30-stock index plummeted 800 points, or 3.1% on Wednesday before regaining some of the lost ground on Thursday and Friday. The S&P 500 is still down 2.1% in August and off more than 3% from a recent record.