Dow jumps 995 and S&P 500 climbs 2.9% following a 90-day truce in the US-China trade war

U.S. stocks are leaping after China and the United States announced a 90-day truce in their trade war. The S&P
500 jumped 2.9% Monday.

The Dow Jones Industrial Average rose 995 points, and the Nasdaq composite gained 3.9%. Hopes for an economy less encumbered by tariffs also sent crude oil prices higher.

The U.S. dollar strengthened against other currencies, and Treasury yields jumped on expectations the Federal Reserve won't have to cut interest rates so deeply this year in order to protect the economy.

Analysts warned conditions could still quickly change, as has so often happened in President Donald Trump's trade wars.