US stocks soared on Monday on hopes among investors that progress on trade talks between Washington and Beijing meant Donald Trump’s trade war was moving beyond its most intense phase.
The blue-chip S&P 500 ended the day 3.3 per cent higher, while the tech-heavy Nasdaq Composite closed up 4.4 per cent. The dollar jumped 1.5 per cent against a basket of six peers, leaving it on track for its biggest daily rise since Donald Trump’s election on November 5.
“Peak tariffs are very much in the past. We will take a growth hit this year, but that is different from a recession,” said Ajay Rajadhyaksha, global chair of research at Barclays.
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