Dow Jones rises 669 points as trade war fears subside

March 26 (UPI) -- The Dow Jones Industrial Average rose more than 650 points Monday as trade tensions between the United States and China eased.

The index rose 669.40 points or 2.84 percent to 24,202.60 at the end of trading Monday. It dropped by more than 400 points Thursday and Friday after President Donald Trump signed an order to impose a tariff on Chinese goods.

The S&P index rose 2.7 percent with financial and technology leading all sectors, and the Nasdaq composite increased 3.3 percent with Amazon and Apple both experiencing increases, CNBC reported.

Chief market strategist at FBN Securities, Jeremy Klein, said "have apparently recognized that a trade war is in no one's best interests and therefore extremely unlikely."

"Specifically, the president merely wants to fulfill a campaign promise while China will only enact token countermeasures to appease its citizens," he said.

The apparent realization came after a Financial Times report Monday stating China may be in talks to buy U.S. semiconductors to help cut its trade surplus and avoid the proposed tariffs.

Some markets in Asia rose after news the United States agreed to excuse South Korea from steel levies and European stocks continued to drop due to trade war fears.

Facebook's stock approached its worst month since May 2013, increasing 0.42 percent by the end of trading Monday after shares fell by up to 6.5 percent in the past 10 days.

The Federal Trade Commission confirmed Monday it is investigating Facebook's data protection policies after it was revealed earlier this month that data company Cambridge Analytica accessed the information of about 50 million Facebook users without their knowledge.