S&P 500 surges 2.7pc after US, China announce 90-truce in their trade war

New York, May 12 (AP) Stocks are surging on Wall Street after China and the United States announced a 90-day truce in their trade war.

They agreed to take down most of their tariffs that economists warned could start a recession and create shortages on US store shelves.

The S&P 500 was 2.7 per cent higher in early trading Monday. The Dow Jones Industrial Average jumped 981 points, or 2.4 per cent, and the Nasdaq composite was 3.7 per cent higher. Crude oil prices jumped because a global economy less weakened by tariffs would be hungrier for fuel. The value of the dollar climbed against other currencies and Treasury yields rose. (AP) GRS GRS

Source: PTI