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>> The US and China reportedly are willing to play nice and avoid a possible trade war, causing a powerful rally to sweep across Wall Street Monday. I'm Connelly Gibbs in New York. The Dow Jones industrial average rallied nearly 700 points, that is the third biggest one day point gain ever.
Stocks rallied roughly 3% across the board. But let's keep this in context because last week stocks had their worst week in two years. And the global industrial powerhouses, that move the market down last week were not responsible for today's rebound. That went to big tech names like Microsoft, Intel and Apple, and that had a lot to do with what's going on in China.
Chinese Premier Li Keqiang announcing Monday Beijing will not for foreign firms to transfer technology, and would strengthen intellectual property rights. And in another step to dial things down, he said China would treat foreign and domestic firms equally. But that may not be the only reason why tech is leading this rally.
The Wall Street Journal reporting Washington has asked China to buy more US made semiconductors. Also on that wish list, China buy more American made cars and allow greater access to China's financial sector. Financials are the second biggest mover on the upside with J.P. Morgan Chase and Goldman Sachs leading the charge.
Investors cheering signs the two sides are willing to come to the table and talk things out. Treasury Secretary Steve Mnuchin, according to the Journal, is considering face to face talks in Beijing.