NEW YORK (AP) — Stocks notched solid gains after news that the U.S. and China plan to hold talks next month and as several reports suggested the U.S. economy was still going strong.
The Dow Jones Industrial Average surged nearly 400 points, bond yields jumped and the price of gold fell as investors regained a bigger appetite for riskier holdings.
Markets have been rattled this summer as the longstanding trade conflict escalated and past rounds of negotiations failed to yield progress.
Chipmakers, which are especially reliant on doing business with China, rose. Nvidia soared 6.5%.
The S&P 500 rose 38 points, or 1.3%, to 2,976.
The Dow climbed 372, or 1.4%, to 26,728. The Nasdaq rose 139, or 1.8%, to 8,116.
Bond prices sank. The yield on the 10-year Treasury note jumped to 1.57%.