Markets Right Now: Stocks surge as fears of trade war ease

NEW YORK (AP) — The latest on developments in financial markets (all times local):

4 p.m.

Waning fears that a trade war would break out helped power stocks sharply higher on Wall Street.

The market shook off an early wobble and surged in afternoon trading Monday. Investors are hoping the White House won’t follow through on threats to impose steep tariffs on imported steel and aluminum.

Stocks turned higher as House Speaker Paul Ryan criticized the planned tariffs and urged President Donald Trump not to go through with them.

Big U.S. exporters rose sharply. Boeing climbed 2.3 percent and heavy equipment maker Caterpillar jumped 3.2 percent.

The Standard & Poor’s 500 index rose 29 points, or 1.1 percent, to 2,720.

The Dow Jones industrial average jumped 336 points, or 1.4 percent, to 24,874. The Nasdaq composite rose 72 points, or 1 percent, to 7,330.

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11:45 a.m.

Technology companies and banks are leading stocks higher in midday trading on Wall Street.

The market got off to a weak start on Monday as traders worried about tensions rising over U.S. threats to impose trade tariffs, but the losses were gone by late morning.

Facebook rose 1.8 percent and JPMorgan Chase rose 1.2 percent.

Insurer XL Group soared 29 percent after the company agreed to be acquired by AXA of France.

Blue Apron dropped 4 percent after Walmart said it would expand its meal kit service into 2,000 stores.

The Standard & Poor’s 500 index rose 21 points, or 0.8 percent, to 2,713. The Nasdaq composite rose 59 points, or 0.8 percent, to 7,318.

The Dow Jones industrial average climbed 205 points, or 0.8 percent, to 24,743.

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9:35 a.m.

Banks and technology companies are leading U.S. stocks lower in early trading on Wall Street.

Bank of America fell 1 percent and chipmaker Nvidia gave up 1.5 percent Monday.

Blue Apron dropped 4 percent after Walmart said it would expand its meal kit service into 2,000 stores.

Insurer XL Group soared 29 percent after the company agreed to be acquired by AXA of France.

The Standard & Poor’s 500 index fell 8 points, or 0.3 percent, to 2,683. The Nasdaq composite lost 20 points, or 0.3 percent, to 7,236.

The Dow Jones industrial average fell 64 points, or 0.2 percent, to 24,480.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.84 percent.

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