(Reuters) – Wall Street rebounded on Monday after U.S. President Donald Trump sought to ease trade tensions with China, soothing investor nerves after an intense feud between the world’s top two economies last week sent stocks into a tailspin.

The benchmark S&P 500 index .SPX logged its worst run of weekly losses on Friday since a selloff in late May after both sides threatened to slap more tariffs on each other’s goods, and Trump told U.S. companies to look for alternatives to doing business with China.

In a softening of stance, Trump said on Monday Beijing had contacted Washington overnight to say it wanted to return to the negotiating table, adding that talks between the two countries were “more meaningful” than any time.

“The sentiment today is conciliatory, the president is trying to walk back,” said Art Hogan, chief market strategist at National Securities in New York.

“Whether or not he (Trump) has a phone call with China doesn’t matter, the point is that he is attempting to keep the September meeting scheduled and get back to the negotiating bit.”

Shares in tariff-sensitive companies including Apple Inc (AAPL.O) jumped 2%, boosting the technology sector .SPLRCT, while a 1.9% rise in shares of Boeing Co (BA.N) lifted the Dow Jones Industrial Average .DJI.

Chipmakers, which heavily rely on China for their revenue, rose, with the Philadelphia Semiconductor index .SOX adding 1.1%.

Concerns about the global economy slipping into recession and uncertainty over the pace of U.S. interest rate cuts have made investors nervous about how far the longest cycle of U.S. expansion would survive. The S&P 500 is now about 5.2% off its record high.

However, strong earnings from retailers including Walmart Inc (WMT.N) and Target Corp (TGT.N) in the past weeks have bolstered confidence in domestic growth.

The Dow Jones Industrial Average .DJI rose 233.91 points, or 0.91%, to 25,862.81 and the S&P 500 .SPX gained 23.57 points, or 0.83%, to 2,870.68.

The Nasdaq Composite .IXIC added 70.95 points, or 0.92%, to 7,822.72 were up 41.75 points, or 0.56%.

Data from the Commerce Department showed new orders for key U.S.-made capital goods rose modestly in July, while shipments fell by the most in nearly three years, pointing to continued weakness in business investment and a slowdown in economic growth early in the third quarter.

Among other stocks, Celgene Corp (CELG.O) rose 3.8% after Amgen Inc (AMGN.O) said it would buy the company’s psoriasis drug Otezla, clearing the way for Bristol-Myers Squibb (BMY.N) to go ahead with its $74 billion deal for Celgene. Shares of Bristol-Myers jumped 4.3%.

Shares of Beyond Meat Inc (BYND.O) rose 4.5% after Yum Brands Inc (YUM.N) said it will be testing Beyond Meat’s plant-based nuggets at an Atlanta KFC restaurant. Shares of Yum Brands rose 1.3%.

The defensive utilities .SPLRCU and real estate .SPLRCR posted the smallest gains among the 11 major sectors.

Advancing issues outnumbered decliners by a 6.36-to-1 ratio on the NYSE and by a 3.34-to-1 ratio on the Nasdaq.

The S&P index recorded no new 52-week high and five new lows, while the Nasdaq recorded five new highs and 29 new lows.