A deal with China is a relief to investors who worried tariffs as high as 145% would severely limit trade, raise prices and hurt the U.S. economy.

The Dow Jones Industrial Average closed up 1,160 points, or 2.8%, while the S &P 500 jumped 3.2%. The tech-heavy Nasdaq increased 4.3%. Facebook parent Meta and Amazon each climbed about 8%. Starbucks increased more than 6%.