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&amp;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.

Originally Published: <time datetime="2025-05-12 09:41:02">May 12, 2025 at 9:41 AM EDT</time>

Stocks are surging on Wall Street after China and the United States announced a 90-day truce in their trade war.{ai:summary}<p>Stocks on Wall Street surged following a 90-day truce in the U.S.-China trade war, with major indices like the S&P 500 rising 2.7% and the Dow Jones up 981 points. Tariff reductions are expected to alleviate recession fears and boost consumer goods availability.</p><p>Crude oil prices also increased as a stronger global economy is anticipated. The dollar gained value against other currencies, and Treasury yields saw an uptick as market optimism grew. #economy</p>

S&P 500 surges 2.7% after the U.S. and China announce a 90-truce in their trade war

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