Wall Street Soars as U.S.-China Tariff Agreement Jolts Market

Wall Street experienced a significant upturn on Monday, as the S&P 500 reached its highest level since March, following a temporary agreement between the U.S. and China to lower tariffs. The two nations consented to reduce steep tariffs on each other's imports for 90 days, providing a potential resolution to the trade tensions.

The market reacted positively, with investors shifting towards riskier assets amid relief from trade anxieties. Despite the temporary euphoria, uncertainty remains about the final tariff settlements. Market experts expressed optimism about avoiding worst-case scenarios, with some suggesting the fallout from tariffs will be more manageable.

The S&P 500 climbed by 3.26% to 5,844.61 points, while the Nasdaq Composite soared by 4.35% to 18,708.61. Concurrently, the Dow Jones Industrial Average added 2.83%, reaching 42,415.81. Market volatility decreased substantially, as evidenced by the CBOE Volatility Index dropping below 20 for the first time since late March.

(With inputs from agencies.)