S&P 500 surges 2.7% after the U.S. and China announce a 90-truce in their trade war
NEW YORK (AP) — Stocks are surging on Wall Street after China and the United States announced a 90-day truce in their trade war. They agreed to take down most of their tariffs that economists warned could start a recession and create shortages on U.S. store shelves.
The S&P 500 was 2.7% higher in early trading Monday. The Dow Jones Industrial Average jumped 981 points, or 2.4%, and the Nasdaq composite was 3.7% higher.
Crude oil prices jumped because a global economy less weakened by tariffs would be hungrier for fuel. The value of the dollar climbed against other currencies and Treasury yields rose.
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