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Dow spikes nearly 670 points, rebounding amid trade turmoil

The Dow Jones Industrial Average rebounded after a tumultuous run last week, jumping nearly 670 points by the time markets closed Monday afternoon. The index surged nearly 3 percent in part thanks to Microsoft, the top-performing stock of the day.

The gains suggest the market is recovering after President Trump last week announced tariffs targeted at China, which sparked fears of a trade war between the world's two biggest economies. The Dow had closed down roughly 400 points Friday, good for its "lowest level since November," CNBC noted.

But investors "have apparently recognized that a trade war is in no one's best interests and therefore extremely unlikely," market strategist Jeremy Klein told CNBC in explaining the rebound. The S&P 500 also saw a more than 2 percent bump Monday, while the Nasdaq composite jumped 2.6 percent.