US stocks surged Monday morning after the White House and China agreed to slash rates for 90 days in what could be a pivotal thawing of trade tensions between the world’s largest economies.
The Dow Jones Industrial Average jumped 1,160 points, or 2.8%, while the S&P 500 and Nasdaq soared 3.3% and 4.4%, respectively. All three indexes posted their biggest single-day jumps since April 9.
Treasury Secretary Scott Bessent on Monday said talks with China over the weekend in Switzerland had been “very productive,” and announced the two countries had agreed to lower tariff rates by 115% for 90 days.
