Stocks closed sharply higher on Monday, bouncing back from strong losses in the previous session as trade tensions between the U.S. and China appeared to ease.

The Dow Jones industrial average surged 669.40 points to 24,202.60, with Microsoft as the best-performing stock in the index. The Dow also had its biggest one-day percentage gain since August 2015. The S&P 500 gained 2.7 percent to close at 2,658.55 — bounce off its 200-day moving average— with technology and financials leading all sectors higher. The Nasdaq composite advanced 3.3 percent to 7,220.54 with Apple and Amazon both rising.

Financials rose sharply, with the Financial Select Sector SPDR S&P Fund (XLF) up 3.3 percent. The XLF posted its biggest one-day gain since November 2016.

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