US stocks surged to close near the highs of the session on Monday after a US-China deal to temporarily slash reciprocal tariffs offered relief to markets worried about a trade war.
The S&P 500 soared nearly 3.3% to its highest level since March 3. The Dow Jones Industrial Average gained 2.8%, or more than 1,100 points. The tech-heavy Nasdaq Composite led gains, rocketing up 4.3%.
Wall Street notched a banner day after the US and China put tariffs on pause for 90 days, as the scope of the tariff reductions surprised investors. The US is dropping its duties on most Chinese imports from 145% to 30%, while China is lowering its 125% tariff on US goods to 10%. More here
