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Stocks rose Monday, as traders appeared to shake off the latest U.S. tariff threat from President Donald Trump while they awaited key economic reports later in the week.
The Dow Jones Industrials jumped 164.32 points, to 44,467.72.
The S&P 500 took on 38.49 points to 6,064.48
The tech-heavy NASDAQ popped 216.49 points, or 1.1%, to 19,739.87.
Trump told reporters on Sunday that he’s planning to announce a blanket 25% tariff on all steel and aluminum imports on Monday. Trump did not specify when the tariffs would be imposed and noted that he would also issue retaliatory tariffs on countries that tax U.S. imports.
The news comes as Trump’s previously announced duties on China are set to go into effect at midnight on Sunday.
Steel and aluminum stocks popped. U.S. Steel and Nucor were up more than 3% and 5%, respectively. Cleveland-Cliffs climbed 11%, and Alcoa traded 3.3% higher.
The threat of more tariffs comes ahead of a slew of economic data this week.
The January consumer price index report is due out Wednesday at 8:30 a.m. ET, followed by initial weekly jobless claims and the producer price index on Thursday. Federal Reserve Chair Jerome Powell will also speak before Congress on Tuesday morning.
Investors will also look toward more major corporate earnings out this week, including Coca-Cola. McDonald’s on Monday reported disappointing quarterly revenue, but still saw its shares gain more than 4.5%.
Prices for the 10-year Treasury eked ahead, lowering yields to 4.47% from Friday’s 4.49%. Treasury prices and yields move in opposite directions.
Oil prices tacked on 99 cents to $71.99 U.S. a barrel.
Prices for gold gained $45.00 an ounce to $2,932.60 U.S.
