(CNBC) -- Stocks rose sharply on Monday as Treasury yields rebounded, quelling fears of a possible recession. Equities also got a boost after the U.S. agreed to extend a temporary reprieve to Chinese telecom giant Huawei.
The Dow Jones Industrial Average closed 248 points higher, or 1%, led by Cisco Systems. The S&P 500 gained 1.2% as the energy and tech sectors outperformed. The Nasdaq Composite advanced 1.4%.