The S&P 500 climbed 0.8 percent to 5,405, though trading was still shaky, and it briefly gave back all of its big early gain of 1.8 percent. The Dow Jones Industrial Average also rose 0.8 percent to 40,524, and the Nasdaq composite added 0.6 percent to 16,831.
Apple and other technology companies helped lift Wall Street after Trump said he was exempting smartphones, computers and other electronics from some of his stiff tariffs, which could ultimately more than double prices for US customers of products coming from China.
Such an exemption would mean US importers don’t have to choose between passing on the higher costs to their customers or taking a hit to their own profits.
Apple climbed 2.2 percent, and Dell Technologies rose 4 percent.
Automakers also rallied after Trump suggested he may announce pauses on tariffs next for the auto industry. General Motors rose 3.5 percent, and Ford Motor rallied 4.1 percent.
Elsewhere on Wall Street, Goldman Sachs rose 1.9 percent after reporting a stronger profit for the latest quarter than expected. It joined other big banks in doing so, such as JPMorgan Chase and Morgan Stanley.
The bond market also showed signs of increasing calm. Treasury yields eased following their sudden rise last week.
Treasury yields usually drop when fear is high in the market because US government bonds have historically been seen as some of the world’s safest investments, if not the safest.
But last week, yields rose sharply for Treasury bonds in an usual move.
The value of the US dollar also fell against other currencies in another move suggesting investors may no longer see the United States as the best place to keep their cash during moments of stress.
The yield on the 10-year Treasury eased back to 4.37 percent. It had jumped to 4.48 percent on Friday from 4.01 percent the week before.
The value of the US dollar, though, remained under pressure. It slipped against the euro and Japanese yen, while inching higher against the Canadian dollar. (AP)
