Global stocks rally but dollar muted as smartphones, computers get tariff break

US shares joined a rally in Europe and Asia on Monday after the White House exempted smartphones and computers from US tariffs, though gains were capped and the dollar was muted as President Donald Trump said that levies were still likely.

Boosted by technology shares, the Dow Jones Industrial Average rose 1%, the S&P 500 gained 1.6% and the Nasdaq Composite added more than 2%. Apple shares jumped around 5% . The S&P 500 rallied 5.7% last week, but was still more than 5% below where it was before what Trump calls “reciprocal” tariffs were first announced in early April.