U.S. stocks surged near record highs on Monday, with the S&P 500 just 0.3% away from its all-time high. Apple led gains, rising 3.9%. Cleveland-Cliffs jumped 21.5% after CEO hinted at a lucrative deal and potential rare earths discovery in Michigan and Minnesota.

China’s rare earth export curbs and Trump’s tariff threats caused Wall Street swings, but eased after Trump called high tariffs unsustainable. Smaller banks recovered after raising loan concerns last week. Zions Bancorp. gained 4.7% after finding defaults by borrowers.

Amazon stock rose despite a cloud service outage. S&P 500 added 71.12 points, Dow Jones climbed 515.97, and Nasdaq gained 310.57. Coca-Cola, Tesla, and Procter & Gamble report earnings this week. Companies face pressure to show profit growth amid stock price criticisms.

Corporate profit reports offer insight into U.S. economy strength during government shutdown delays. Federal Reserve faces tough decisions on inflation versus job market slowdown. Fed officials may cut rates to boost economy, but risk worsening inflation.

U.S. government to release September inflation update on Friday. Treasury yields held steady, with the 10-year Treasury yield at 3.98%. Stock markets rose in Europe and Asia, with Japan’s Nikkei 225 up 3.4% on new coalition support for Sanae Takaichi as potential prime minister. China’s economy grew at a 4.8% annual pace, but struggles with property market downturn.

Read more at Yahoo Finance: Apple’s rally pulls Wall Street to the cusp of its record