ll Street surged Monday, offering investors some much needed relief after last weeks sell off amid fears of a possible trade war between the US and China. Tech stocks jumped at the open pushing up the NASDAQ. The Dow hot on its heels. But while trade war worries may have abated somewhat over the weekend, investors tiptoeing back into the market may not yet be ready to dive in.
On Monday, Beijing's foreign ministry blamed the US for trade frictions saying negotiations were currently impossible.>> The United States, on one hand, wields the threat of sanctions and at the same time says that they are willing to talk. I am not sure for whom the United States is putting on this act.
>> Reuters' correspondent Michele Martina is in Bejing.>> Chinese researchers and experts have been saying in state media and through government think tanks, that they believe the impact of the potential tariffs will be minimal. They believe that China's economy is robust enough to withstand these and that the trade involved will be of a small enough percentage that it won't have a lasting or long impact on Chinese employment.
They say their targets for economic growth will go forward regardless of what happens with the US China trade tensions.>> And US president Donald Trump on Twitter Monday, criticized the current US China trade system, calling it stupid trade. The threat of a trade war sent markets reeling last week.
On Friday, Wall Street dropped more than 2%. The sell off came after Trump threatened China with $100 billion in new tariffs amid a back and forth over taxes on imports. Trump on Sunday, appeared to ease off the harsh language somewhat, tweeting that he and Chinese President Xi Jinping will always be friends, and predicting, quote, taxes will become reciprocal and a deal will be made on intellectual property.