U.S. stocks open sharply higher as trade worries ease

NEW YORK, March 26 (Xinhua) -- U.S. stocks opened sharply higher on Monday as worries about trade tensions between the United States and China appear to ease.

On Friday, U.S. stocks slumped for a second straight session, with the Dow Jones Industrial Average plunging over 400 points, as investors continued to digest U.S. President Donald Trump's plan to impose heavy tariffs on imported products from China.

Despite strong warnings from business groups and trade experts, Trump on Thursday signed an executive memorandum that could result in heavy tariffs on up to 60 billion U.S. dollars of imports from China as well as harsher restrictions on Chinese investments, in a unilateral move that triggered market selloff.

On Saturday, Chinese Vice Premier Liu He had a phone conversation with U.S. Treasury Secretary Steven Mnuchin, urging concerted efforts to maintain the stability of China-U.S. trade ties.

During their conversation, Mnuchin briefed the Chinese side on the latest development of Section 301 investigation report released by the U.S. side.

Liu, for his part, noted that the report violates global trade rules, and is detrimental to the interests of China, the United States as well as the whole world.

Liu expressed the hope that the two sides will stay rational and work together to maintain the overall stability of their economic and trade relations.

Mnuchin said on Sunday that he was "cautiously hopeful" an agreement can be reached with China, according to Fox News.

Shortly after the opening bell, the Dow Jones Industrial Average jumped 409.43 points, or 1.74 percent, to 23,942.63. The S&P 500 increased 43.86 points, or 1.69 percent, to 2,632.12. The Nasdaq Composite Index was up 143.12 points, or 2.05 percent, to 7,135.79. Enditem