Dow Spikes on Trade Relief

U.S. stocks rallied Monday after the U.S. and China agreed to temporarily slash tariffs following negotiations over the weekend in Switzerland.The Dow Jones Industrials screamed higher 864.94 points, or 2.1%, to 42,114.32.The S&P 500 index hiked 139.23 points, or 2.5%, to 5,799.14The NASDAQ Composite flew 607.09 points, or 3.4%, to 18,536. 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.Best Buy, which sells electronics and appliances vulnerable to tariffs, popped 7%. Dell Technologies gained 7% and On Semiconductor climbed 9%. Amazon advanced more than 7%, and Apple jumped 6%.Prices for the 10-year Treasury eased, raising yields to 4.44 from Friday’s 4.39%. Treasury prices and yields move in opposite directionsOil prices gained $1.26 to $62.28 U.S. a barrel. Prices for gold sank $99.10 to $3,244.90 U.S.