Stocks Opened Higher after U.S.-China Trade Ceasefire

U.S. stocks jumped at open on Monday after the U.S. and China agreed to a trade ceasefire during the G20 summit over the weekend. The Dow Jones Industrial Average lately advanced 257.88 points, or 0.97%, to 26,857.84. The S&P 500 rose 33.11 points, or 1.13%, to 2,974.87. The Nasdaq Composite surged 115.53 points, or 1.44%, to 8,121.78.

U.S. oil prices snapped back with modest gains Monday, as major producers said they’ll hold back in pushing more oil onto the global market. August West Texas Intermediate crude was up $1.53, or 2.6%, to $60 a barrel on the New York Mercantile Exchange. International benchmark September Brent was up $1.65, or 2.6%, at $66.43 a barrel.

President Donald Trump said he would refrain from imposing additional tariffs on $300 billion worth of Chinese goods. The move helped alleviate the threat of additional duties after hundreds of companies over the past several months came out against Trump’s preferred negotiation tool.