U.S. stocks end higher Monday after China trade truce, S&P 500 hits new record closing

Stocks closed higher on Monday, though they pared earlier gains. Still, the boost was enough to push the Standard & Poor's 500 to a fresh closing high.

The markets were buoyed after the White House agreed to resume trade talks with China and hold off on slapping additional tariffs on $300 billion of Chinese imports.

All three main U.S. stock indexes rose. The Dow Jones industrial average rose 117 points, or 0.44%, to close at 26,717.

The S&P 500 index ended up almost 23 points, or 0.77%, to 2,964, surpassing its record high it set last month.

The tech-heavy Nasdaq added 85 points, or 1.06%, to finish at 8,091 on Monday. Tech stocks got a boost after President Donald Trump promised to soften a ban on U.S. companies doing business with Huawei Technologies Co., the Chinese tech giant.

Micron Technology jumped 3.94% to end at $40.11 a share. Apple shares rose 1.83% and finished at $201.55.

The White House has yet to provide details on the temporary truce the two countries agreed to at the G-20 summit. Existing tariffs also were not lifted, another damper on business growth.

Trade tensions have whipsawed stocks over the past months as investors fret that any escalation could harm the global economy. Despite the volatility, stocks put forth an impressive rally in the first half of the year.

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The S&P 500 recorded its best six-month start since 1997, up more than 17%. The Dow added a robust 14% in the first half of the year, while the Nasdaq jumped almost 21%.

This article originally appeared on USA TODAY: U.S. stocks end higher Monday after China trade truce, S&P 500 hits new record closing