U.S. stocks were higher on Monday as fears about a trade war between the United States and China eased following reports that the two countries were willing to negotiate tariffs and trade imbalances.
However, a 3 percent fall in Facebook’s (FB.O) shares weighed on tech stocks after U.S. Federal Trade Commission made public its investigation into the social network, which has come under fire for data privacy issues.
Facebook hit a session low of $149, erasing its market capitalization by $100 billion since the scandal unfolded last week.
The Dow Jones Industrial Average rose 1.65 percent to 23.921,37. The S&P 500 gained 1.32 percent to 2.623,05 and the Nasdaq Composite was up 1.40 percent at 7.089,60.
Last week, the three main U.S. indexes posted their steepest weekly declines since January 2016 as the fears of a global trade war added to jitters about a faster pace of U.S. interest rate hikes and fears of increased regulations to the high-flying technology sector in the wake of Facebook’s (FB.O) data scandal.