The Nasdaq spiked 490.18 points or 2.2 percent to 22,694.61, the S&P 500 shot up 102.21 points or 1.6 percent to 6,654.72 and the Dow jumped 587.98 points or 1.3 percent to 46,067.58.
Wall Street rebounded sharply as investors scooped up stocks after last week’s steep sell-off driven by U.S.-China trade tensions. Markets found relief after Donald Trump struck a conciliatory tone toward President Xi, reassuring that both nations aimed to avoid economic harm and restore stability.
With the U.S. government shutdown delaying key economic reports, traders are turning their focus to corporate earnings. Major banks like JPMorgan, Goldman Sachs, and Citigroup are set to announce results, likely steering market sentiment in the absence of fresh economic data.
Semiconductor and computer hardware stocks turned in some of the market's best performances, with the Philadelphia Semiconductor Index and the NYSE Arca Computer Hardware Index both soaring by 4.9 percent. Gold stocks were substantially strong as the price of the precious metal skyrocketed to a new record high, resulting in a 4.7 percent spike by the NYSE Arca Gold Bugs Index. Steel, oil service, networking and airline stocks also showed significant moves to the upside amid broad based buying interest on Wall Street.
Asia-Pacific stocks moved mostly lower, with Japanese markets closed for a holiday. China's Shanghai Composite Index dipped by 0.2 percent while Hong Kong's Hang Seng Index tumbled by 1.5 percent. The major European markets moved to the upside on the day. While the German DAX Index climbed by 0.6 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index both rose by 0.2 percent. The bond markets are closed today in observance of the Columbus Day holiday.