Stocks Jumped at Open on Trade and Stimulus Hopes

U.S stocks jumped at open on Monday, lifted by encouraging comments from President Donald Trump and other officials on trade talks. The Dow Jones Industrial Average lately rose 286.33 points, or 1.11%, to 26,172.34.  The S&P 500 added 33.50 points, or 1.16%, to 2,922.18.  The Nasdaq Composite advanced 115.09 points, or 1.46%, to 8,011.09.

Crude futures traded higher Monday, finding support after Yemen’s Houthi rebels launched a drone attack over the weekend on one of Saudi Arabia’s largest oil fields. West Texas Intermediate crude for September delivery rose 35 cents, or 0.6%, to $55.22 a barrel, while October Brent rose 50 cents, or 0.9%, to $59.14 a barrel.

President Donald Trump’s remarks that the U.S economy was doing well helped to draw investors into risky assets. President Donald Trump said over the weekend that the U.S. is “doing very well with China, and talking!”

Commerce Secretary Wilbur Ross said during an appearance with Fox Business Monday morning that the government would extend a 90-day temporary license allowing China’s Huawei Technologies to continue doing business with U.S. firms.

On Wednesday, the Federal Reserve will release the minutes from its July policy meeting, wherein central bank officials delivered their first interest rate reduction since 2008. The minutes will detail the deliberations of the Federal Open Market Committee members in making this decision.

Then, at the end of the week, Federal Reserve Chair Jerome Powell will deliver a speech on monetary policy at the Fed’s annual Jackson Hole symposium in Wyoming.