Markets around the world jumped after the U.S. and China agreed to slash tariffs on each other's goods, reassuring investors about the prospects

U.S. stocks soared Monday after Washington and Beijing struck a surprise deal to dramatically cut tariffs, marking a rare moment of clarity and good news in an otherwise volatile environment.

The S&P 500 logged its biggest gain in over a month after American and Chinese officials signaled a de-escalation in the trade war between the world’s two largest economies.