April 1 (UPI) — U.S. financial markets turned in a strong showing to start off the second quarter of the fiscal calendar Monday amid a positive outlook for a trade deal with China.
The Dow Jones Industrial Average was up 329.74 points, or 1.27 percent at the end of trading, while the S&P 500 rose 1.16 percent and the Nasdaq composite increased by 1.29 percent ahead of meetings between U.S. and Chinese officials in Washington, D.C., this week to settle a trade war.
U.S. Treasury Secretary Steven Mnuchin tweeted Friday that he concluded “constructive” trade talks in Beijing, and China agreed on Sunday to extend its policy of suspending retaliatory tariffs on U.S. autos and car parts beginning on Monday.
Bank stocks including Citigroup, Goldman Sachs, Morgan Stanley, Bank of America and J.P. Morgan Chase led the way on Monday, all rising at least 2.5 percent, CNBC reported.
The so-called FAANG stocks also increased with Facebook rising 1.21 percent, while Amazon and Google‘s parent company Alphabet both climbed 1.88 percent.
U.S. construction spending rose 1 percent in February, after a January increase of 2.5 percent in January, the Census Bureau said Monday.
Markets also climbed in China, as the Caixin/Markit Manufacturing Purchasing Managers’ Index rose to 50.8 in March.
