Stocks are climbing on Wall Street Monday and pulling near their records following last week's roller-coaster ride.

The S&P 500 rose 1% and got back within 0.4% of its all-time high set earlier this month. The Dow Jones Industrial Average was up 358 points, or 0.8%, and the Nasdaq composite was 1.4% higher just before noon Eastern time.

Cleveland-Cliffs helped lead the way with a jump of 24% after the steel company's CEO, Lourenco Goncalves, said it would provide details soon about a potential deal with a major global steel producer that could mean bigger profits. He also said Cleveland-Cliffs has potentially found rare earths at sites in Michigan and Minnesota.

Such materials have thrust into the global spotlight after China put curbs on the export of its own rare earths, a move that President Donald Trump earlier this month characterized as hostile. Trump's ensuing threat of higher tariffs on China triggered big swings for Wall Street, but the concerns eased a bit after Trump said such high tax rates are unsustainable.