Markets Right Now: Stocks rally on US-China trade truce

NEW YORK (AP) — The latest on developments in financial markets (all times local):

9:35 a.m.

Stocks are rallying early Monday after the U.S. and China agreed to resume trade talks.

The U.S. agreed to hold off on imposing new tariffs on $300 billion in Chinese goods, although existing tariffs on $250 billion of imports remain in place.

Technology and consumer-focused companies led the gains. Investors also sold safe-haven investments such as gold, which fell 1.2%, and bonds. The yield on the 10-year Treasury rose to 2.01%.

The S&P 500 rose 34 points, or 1.2%, to 2,975. That puts the index on track for a record high.

The Dow Jones industrials rose 254 points, or 1%, to 26,854. The Nasdaq added 135 points, or 1.7%, to 8,142.

Oil rose 2.4% to $59.88 a barrel. OPEC and Russia are expected to extend an agreement on production cuts.

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