AsianFin -- U.S. stocks soared on Monday after Washington and Beijing agreed to temporarily ease tariffs, fueling hopes of reduced trade tensions between the world’s two largest economies.

The S&P 500 jumped 184 points, or 3.3%, to close at 5,844, while the Dow Jones Industrial Average surged 1,161 points, or 2.8%, finishing at 42,410. The rally lifted the S&P 500 back above its April 2 level — the day President Trump announced sweeping tariffs that rattled global markets and raised recession fears.

The tech-heavy Nasdaq Composite climbed 4.4%, offering relief to companies vulnerable to Chinese retaliation. Shares of Nvidia and Apple rose 5.4% and 6.3%, respectively.

In a joint statement issued by the White House, the U.S. and China said they had reached a 90-day agreement to significantly lower tariffs. The deal was finalized over the weekend in Switzerland during meetings between Treasury Secretary Scott Bessent, U.S. Trade Administrator Jamieson Greer, and a Chinese trade delegation.