Stocks Opened Higher as Trade War Put ‘on Hold’

U.S. stocks opened higher on Monday, after the U.S.-China trade war was declared “on hold”. The Dow industrial average lately advanced 288.85 points, or 1.17%, to 25,003.94. The S&P 500 rose 20.69 points, or 0.76%, to 2,733.66. The Nasdaq Composite gained 69.58 points, or 0.95%, to 7,423.92.

Oil futures rose Monday on fears the U.S. could impose new sanctions on Venezuela, after weekend elections in the country that were viewed as illegitimate by the opposition and foreign governments. West Texas Intermediate crude for June delivery rose 18 cents, or 0.3%, to $71.46 a barrel. Brent crude was unchanged at $78.51 a barrel.

U.S. Treasury Secretary Steven Mnuchin declared the U.S. trade war with China “on hold” following an agreement to drop their tariff threats that have roiled global markets this year.

China has pledged to buy more U.S. goods to reduce America’s huge trade deficit and help avoid exacerbating a trade war between the world’s two biggest economies, with energy and commodities high on Washington’s list of products for sale.

General Electric Co (GE) confirmed on Monday it was unloading the bulk of its transportation business which makes train engines to Wabtec Corp (WAB.N), a U.S. manufacturer of equipment for the rail industry, in a deal valued at about $11.1 billion.

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