US and Chinese officials said they had reached a deal to roll back most of their recent tariffs and call a 90-day truce in their trade war for more talks on resolving their trade disputes.

U.S. stocks leapt after China and the United States announced a 90-day truce in their trade war. The S&P 500 jumped 3.3% Monday. The Dow Jones Industrial Average rose more than 1,100 points, and the Nasdaq composite rallied 4.

U.S. stocks soared Monday after Washington and Beijing struck a surprise deal to dramatically cut tariffs, marking a rare moment of clarity and good news in an otherwise volatile environment.