Stocks closed broadly higher Monday amid hopes on Wall Street that the Trump administration may take a more targeted approach as it tees up a new round of tariffs on imported goods next week.

The S&P 500 jumped 1.8%. The index was coming off its first winning week after a four-week losing streak.

The Dow Jones industrial average rose 1.4%, and the Nasdaq composite closed 2.3% higher.

Despite the gains, the benchmark S&P 500 has lost 1.9% so far this year out of concerns that a trade war could hinder economic growth and increase inflationary pressures.

Wall Street remains focused on how tariffs could eventually impact inflation, consumer spending and economic growth.

Trump has been somewhat closely guarded about his plans for tariffs, saying Monday that even though he wants to charge “reciprocal” rates — import taxes to match the rates charged by other countries — that “we might be even nicer than that.”

Gains on Monday were broad, with 84% of stocks within the S&P 500 ending higher. Nearly every sector within the index rose.

Nvidia rose 3.2% and Apple added 1.1%.

Tesla climbed 11.9% for the biggest gain among S&P 500 stocks. The electric vehicle maker is still down about 31% for the year.

Genetics testing company 23andMe lost more than half its value after it announced over the weekend that it had initiated voluntary bankruptcy proceedings.

AZEK Co. jumped 17.3% after the building materials company announced it was being bought by Australia’s James Hardie Industries in a cash-and-stock deal valued around $8.75 billion.

All told, the S&P 500 rose 100.01 points to 5,767.57. The Dow gained 597.97 points to 42,583,32. The Nasdaq rose 404.54 points to 18,188.59.

In the bond market, Treasury yields rose. The yield on the 10-year Treasury rose to 4.34% from 4.25% late Friday.

On Friday, the U.S. government releases the personal consumption expenditures price index for February. It is a measure of inflation closely watched by the Federal Reserve.

— Associated Press