Stocks rally after news of U.S. - China agreement to ease tariffs

U.S., China hold to temporarily easiness tariffs

U.S. and China person agreed to temporarily trim tariffs for 90 days. Here are the details. 01:38

News of a U.S. statement with China to temporarily easiness tariffs sent stocks soaring connected Monday, with the large indexes rising much than 2% successful aboriginal trading.

The S&P 500 roseate 157 points, oregon 2.8%, to 5,817 arsenic of 10:17 EST, portion the Dow Jones Industrial Average added 1,041 points oregon 2.5% to 42,291. The Nasdaq Composite gained 3.7%, indicating a suspiration of alleviation from tech companies arsenic the steep Chinese tariffs threatened to upend their proviso chains resulting successful important terms hikes for consumers.

In a associated connection released by The White House connected Monday, the U.S. and China connected Monday announced an  that they would substantially little tariffs for 90 days. The statement was struck implicit the play successful Switzerland, wherever Treasury Secretary Scott Bessent and U.S. Trade Administrator Jamieson Greer met with a Chinese commercialized delegation. 

Starting May 14, some countries volition little tariffs by 115%, according to the White House. That volition bring the U.S. tariff connected Chinese imports down to 30% from arsenic precocious arsenic 145%, and China's complaint connected American goods down to 10% from 125%. 

Tech stocks strengthened connected quality of a China-U.S. truce Monday, with Nvidia banal climbing 4% successful aboriginal trading. Amazon, which relies connected imports from China, was besides up 7%. Over 70% of the products sold connected Amazon are produced successful China, according to survey conducted by Jungle Scout.

The announcement strengthened the worth of the U.S. dollar, with the dollar scale surging implicit 1% to 101.5 — the archetypal clip since April 9 it's ticked backmost supra 101.

The Associated Press contributed to this report.

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• China