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 Industrial Average�surged 1,160 points, or 2.8%, staying near its highs for most of the session with buying enthusiasm remaining strong. The�S&P 500�popped 3.26%, bringing its gain since its April intraday low at the height of tariff pessimism to more than 20%. The benchmark has cut its year-to-date losses to just 0.6%.

The�Nasdaq Composite�added 4.35%, 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.