Stocks staged a major comeback on Monday, with the Dow closing down about 67 points after falling as much as 471 points earlier today. The stunning turnaround came on hopes that the U.S.-China trade deal is not dead.
The Dow Jones Industrial Average ended the day down just 66.47 points at 26,438.48, while the S&P 500 closed 0.4% lower at 2,932.47. The Nasdaq Composite was down 0.5% at 8,123.29.will in fact still travel to the U.S. to continue negotiations this week, according to sources, albeit with a smaller group than originally planned.
Stocks initially fell after Trump tweeted on Sunday that the current 10% levies on $200 billion worth of Chinese goods. He also threatened to impose 25% tariffs on an additional $325 billion of Chinese goods "shortly." Trump claimed in another tweet Monday that the U.S. is losing between $600 and $800 billion a year on trade, noting: "We're not going to be doing that anymore."
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