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.

NEW YORK — U.S. stocks are rallied Monday after China and the United States announced a 90-day truce in their trade war. Each of the world’s two largest economies agreed to temporarily take down most of its tariffs against the other, which economists had warned could start a recession and create shortages on U.S. store shelves.