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U.S. stocks mounted a dramatic rebound Monday following a two-day market rout that came after President Donald Trump’s rollout of shockingly high tariff rates on most key U.S. trading partners.
The Dow Jones Industrials made a drastic recovery, gaining 551.26 points, or 1.4%, to begin the day and the week at 38,866.12.
The S&P 500 index leaped 148.91 points, or 2.8%, to 5,222.99.
The NASDAQ hiked 704.49 points, or 4.5%, to start Monday at 16,292.25.
Trump said Sunday evening on the market selloff: “I don’t want anything to go down, but sometimes you have to take medicine to fix something.”
Trump added, “We have a trillion-dollar trade deficit with China, hundreds of billions of dollars a year we lose with China. And unless we solve that problem, I’m not going to make a deal.”
Not all the reaction was positive, however. “The president is losing the confidence of business leaders around the globe…this is not what we voted for,” wrote Bill Ackman, billionaire head of Pershing Square, on X.
“The President has an opportunity on Monday to call a time out and have the time to execute on fixing an unfair tariff system. Alternatively, we are heading for a self-induced, economic nuclear winter, and we should start hunkering down.”
Prices for the 10-year Treasury stumbled, raising yields to 4.16% from Friday’s 4%. Treasury prices and yields move in opposite directions.
Oil prices lost 59 cents to $61.40 U.S. a barrel.
Prices for gold paled inched higher 60 cents to $3,034.80 U.S.