Wall Street's main indexes closed higher on Monday, lifted by Nvidia and other AI-related stocks, while steelmakers surged after U.S. President Donald Trump said he would impose additional tariffs on steel and aluminum imports.

The Standard & Poor’s 500 climbed 0.7%, coming off a losing week that was bookended by worries about how potential tariffs could push up inflation and threaten the economy. The Dow Jones industrial average added 167 points, or 0.4%, and the Nasdaq composite rallied 1% as Nvidia and other Big Tech stocks led the way.

Wall Street held relatively firm on Tuesday following President Donald Trump’s latest tariff escalation and after the Federal Reserve hinted interest rates may not change for a while. The S&P 500 was virtually unchanged and edged up by less than 0.