Stocks soared Monday morning, with news of a U.S. - China tariff deal buoying investor confidence.
News of a U.S. agreement with China to temporarily ease tariffs sent stocks soaring on Monday, with the major indexes rising more than 2% in early trading.The S& P 500 rose 157 points, or 2.8%, to 5,817 as of 10:17 EST, while the Dow Jones Industrial Average added 1,041 points or 2.5% to 42,291. The Nasdaq Composite gained 3.
The agreement was struck over the weekend in Switzerland, where Treasury Secretary Scott Bessent and U.S. Trade Administrator Jamieson Greer met with a Chinese trade delegation. Starting May 14, both countries will lower tariffs by 115%, according to the White House. That will bring the U.S. tariff on Chinese imports down to 30% from as high as 145%, and China's rate on American goods down to 10% from 125%. Tech stocks strengthened on news of a China-U.S.
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