U.S. stocks powered higher Monday after President Trump's top Treasury official said the trade war with China is "on hold," a truce that removed a big risk from the market for now.
One of the biggest obstacles facing stocks in recent weeks has been fear that a full-blown trade war with China, the world's second-biggest economy, would break out and cause global growth to slow and corporate earnings to shrink. But over the weekend, Steven Mnuchin, the U.S. Treasury Secretary, cited "progress" in trade talks and said the economic rivals were "putting the trade war on hold."
Wall Street cheered signs that talks between the two countries were moving closer to an agreement that would not do harm to markets or the global economy.
Adam Shell | USA TODAY