U.S. stocks rallied Monday after the U.S. and China agreed to temporarily slash tariffs following negotiations over the weekend in Switzerland.
The Dow Jones Industrials screamed 1,044.73 points, or 2.5%, to 42,294.11.
The S&P 500 index hiked 157.64 points, or 2.8%, to 5,817.55
The NASDAQ Composite flew 665 points, or 3.8%, to 18,594.02.
Treasury Secretary Scott Bessent said on Monday that talks with China had been “very productive” and both countries had agreed to cut “reciprocal” tariffs by 115% for 90 days. That brings U.S. tariffs on Chinese goods down to 30%, and Chinese tariffs on U.S. imports to 10%.
Bessent told the media on Monday that he expects to meet once again with representatives from Beijing in the “next few weeks” to iron out a bigger agreement.
Best Buy, which sells electronics and appliances vulnerable to tariffs, popped 8.7%. Dell Technologies and On Semiconductor climbed 7.8% and 10%, respectively. Amazon advanced more than 8%, and Apple jumped 5%.
Prices for the 10-year Treasury eased, raising yields to 4.44 from Friday’s 4.39%. Treasury prices and yields move in opposite directions
Oil prices gained $2.12 to $63.13 U.S. a barrel.
Prices for gold sank $101.70 to $3,242.30 U.S.