Stocks Opened Sharply Higher on U.S.-China Trade Talks

U.S. stocks opened sharply higher on Monday on optimism that the United States and China are set to begin negotiations on trade. The Dow Jones Industrial Average lately jumped 478.98 points, or 2.04%, to 24,012.18. The S&P 500 was up 46.25 points, or 1.79%, to 2,634.51. The Nasdaq Composite gained 133.62 points, or 1.91%, to 7,126.29.

Oil prices edged down slightly Monday but largely sustained robust gains from last week that have been driven by a growing geopolitical risk premium. May West Texas Intermediate crude slipped 13 cents, or 0.2%, at $65.75 a barrel. May Brent crude slipped less than a cent, or 0.1%, at $70.37 a barrel.

China and the U.S. have quietly started negotiating to improve U.S. access to Chinese markets, after a week filled with harsh words from both sides over Washington’s threat to use tariffs to address trade imbalances.

JD Sports Fashion Plc agreed to buy U.S. sportswear retailer Finish Line Inc., seeking to snatch away a company in which Mike Ashley’s Sports Direct International Plc has built a stake.The agreement is valued at a total of $558 million.