Dow, S&P Chug Higher, Perking over Tariff News

U.S. stocks roared back on Monday after the U.S. and China agreed to temporarily slash tariffs following negotiations over the weekend in Switzerland, raising hopes a trade war won’t push the economy into a recession.The Dow Jones Industrials screamed higher 1,160.72 points, or 2.8%, to 42,410.10.The S&P 500 index hiked 184.26 points, or 3.3%, to 5,844.20. The benchmark has cut its year-to-date losses to just 0.6%.The NASDAQ Composite popped 779.43 points, or 4.4%, to 18,708.34, as the initial China agreement sent technology stocks tied to the country — like Tesla and Apple — flying higher. It was the best day since April 9 for all three indexes.Tesla jumped 6%, while Apple and Nvidia gained 6% and 5%. Shares of companies that rely the most on Chinese goods rallied the most. Best Buy popped 6%, Dell Technologies climbed 8% Amazon advanced 8%.Defensive stocks where investors hid out during the tariff turmoil were lower on Monday. Coca-Cola and Philip Morris shed 2% apiece. AT&T lost 3%.Treasury Secretary Scott Bessent said on Monday that talks with China had been “very productive” and both countries had agreed to cut “reciprocal” tariffs by 115% for 90 days. That brings U.S. tariffs on Chinese goods down to 30%, and Chinese tariffs on U.S. imports to 10%. Bessent told the media on Monday that he expects to meet once again with representatives from Beijing in the “next few weeks” to iron out a bigger agreement.Prices for the 10-year Treasury eased, raising yields to 4.47% from Friday’s 4.39%. Treasury prices and yields move in opposite directionsOil prices gained 80 cents to $61.82 U.S. a barrel. Prices for gold sank $104.40 to $3,239.60 U.S.