Wall Street opens with strong gains following trade truce between the US and China
During early trading, the Dow Jones Industrial Average rose by 2.66%, the tech-heavy Nasdaq surged 4.16%, and the broader S&P 500 climbed 2.97%.
Wall Street
The New York Stock Exchange opened sharply higher on Monday after the United States and China announced a 90-day pause on most mutual tariffs.
In early trading, the Dow Jones Industrial Average rose 2.66%, the tech-heavy Nasdaq jumped 4.16%, and the broader S&P 500 gained 2.97%.
Meanwhile, AFP reported that oil prices rose more than 3% on Monday. By 7:20 a.m. GMT, a barrel of U.S. West Texas Intermediate (WTI) crude was up 3.36% at $63.06, while Brent crude climbed 3.02% to $65.81.
In the same vein, following the announcement, the dollar rose against both the yen and the euro, while the Hong Kong Stock Exchange jumped more than 3%.
On Monday, the U.S. and China announced a 90-day suspension of most tariffs they had imposed on each other, signaling a de-escalation in their trade war.
"Between now and May 14"
Under the agreement, both countries will reduce tariffs by 115 points: the U.S. will eliminate 30% tariffs on Chinese products, while Beijing will maintain a 10% tariff on American goods during this period.
The two nations will continue negotiations in the coming days.
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