US stocks surged to close near the highs of the session on Monday after a US-China deal to temporarily slash reciprocal tariffs offered relief to markets worried about a trade war. Wall Street notched a banner day after the US and China put tariffs on pause for 90 days,

The S&P 500 climbed by 2.8% on Monday, May 12, 2025 as investors reviewed the trade deal between the U.S. and China that significantly reduces tariffs for 90 days as negotiations continue.