Dow jumps 1,100 points, S&P 500 and Nasdaq surge after US-China tariff rollback triggers buying spree

US stocks surged to close near the highs of the session on Monday after a US-China deal to temporarily slash reciprocal tariffs offered relief to markets worried about a trade war.

The S&P 500  soared nearly 3.3% to its highest level since March 3. The Dow Jones Industrial Average  gained 2.8%, or more than 1,100 points. The tech-heavy Nasdaq Composite  led gains, rocketing up 4.3%.

Wall Street notched a banner day after the US and China put tariffs on pause for 90 days, as the scope of the tariff reductions surprised investors. The US is dropping its duties on most Chinese imports from 145% to 30%, while China is lowering its 125% tariff on US goods to 10%.

Investors jumped into shares of Big Tech megacaps bruised by trade war worries. AI chip leader Nvidia  popped more than 5%, with Amazon , Apple , and Tesla  also surged.