Stocks surged early Monday following news that the U.S. and China had agreed to a 90-day pause in their ongoing trade conflict. As part of the deal, both nations will roll back most of the tariffs that economists had warned might trigger a recession and lead to product shortages in American stores.

US stocks notched one of their biggest jumps in recent years, as the de-escalation of tariff tensions between the US and China sparked a strong rally for risky assets.