Wall Street spikes, Dow Jones rises over 600 points

US stocks surged sharply on Monday after President Donald Trump softened his tone regarding trade tensions with China.

Trump said Sunday that the United States was not seeking to harm China, while Treasury Secretary Scott Bessent confirmed that Trump would meet with Chinese President Xi Jinping in South Korea to ease trade tensions.

These remarks eased market fears of a renewed escalation in the trade war after Trump imposed 100% tariffs on Chinese goods and tightened export controls on advanced technology to Beijing, set to take effect in early November.

Still, markets remained uneasy as the US government shutdown entered its 13th day, with the October 15 payroll deadline approaching.

As of 16:59 GMT, the Dow Jones Industrial Average jumped 1.4% (625 points) to 46,104, while the broader S&P 500 rose 1.6% (106 points) to 6,659. The Nasdaq Composite gained 2.1% (470 points) to 22,674.