Stock market today: Stocks surge and the dollar drops as traders try to shake off a tough start to the year

Getty Images; Jenny Chang-Rodriguez/BI

• Stocks surged and the dollar fell Monday after a report said Trump's tariff plans may be watered down.
• The report followed Trump's broad tariff threats against Canada and Mexico late last year.
• Trump denied the report in a post on Truth Social, and the dollar pared its losses.

US stocks surged on Monday and the dollar dropped after a report said President-elect Donald Trump's tariff plans would be more targeted than initially thought.