Stocks: Wall Street Surges as U.S. Extends Huawei Leniency

U.S. stocks surged at the start of the new week, with the Dow Jones rising nearly 300 points as the federal government signaled more soft-pedaling on the trade war with China for the time being. The Commerce Department said it will extend for another 90 days the “temporary and limited” exemptions for U.S. companies doing business with Chinese telecoms giant Huawei, citing the need to avoid disruption to local U.S. phone services. “As we continue to urge consumers to transition away from Huawei’s products, we recognize that more time is necessary to prevent any disruption,” Secretary of Commerce Wilbur Ross said in a statement. The news helped push fears of an imminent recession back to the back burner, recouping more of last week’s losses.