05:01 PM EDT, 05/12/2025 (MT Newswires) -- Wall Street's benchmark indexes posted their biggest one-day gains in more than four weeks on Monday after the US and China agreed to suspend most tariffs on each other's goods.

The Nasdaq Composite closed 4.4% higher at 18,708.3, the S&P 500 climbed 3.3% to 5,844.2, and the Dow Jones Industrial Average advanced 2.8% to 42,410.1. All three notched their biggest daily percentage gains since April 9.

Barring utilities, all sectors ended in the green, led by consumer discretionary with a 5.7% gain.

Washington and Beijing reached an agreement on a 90-day suspension of reciprocal duties following their talks in Switzerland over the weekend. The two sides had been in a trade war since President Donald Trump's announcement of sweeping new tariffs early last month.

US Treasury Secretary Scott Bessent said Monday he expects to meet with Chinese officials again "in the next few weeks" to continue trade negotiations, CNBC reported.

The tariff cuts likely take a recession "off the table for now," Wedbush Securities said in a Monday client note.

Oxford Economics said that "though the pause is temporary and risks to the outlook because of tariffs remain weighted to the downside, the agreement implies less of a drag on the economy through the rest of this year from three of the four shocks hitting it."

The so-called magnificent-7 group of stocks rallied, with Amazon.com ( AMZN ) soaring 8.1%, Meta Platforms ( META ) advancing 7.9%, and Tesla (TSLA) rising 6.8%. Apple ( AAPL ) rose 6.3%, while Nvidia ( NVDA ) jumped 5.4%. Alphabet (GOOG, GOOGL) and Microsoft ( MSFT ) also logged gains.

US Treasury yields were up, with the two-year rate soaring 10.7 basis points to 4.02% and the 10-year rate adding 8.8 basis points to 4.48%.

West Texas Intermediate crude oil was up 1.7% at $62.04 a barrel. Oil prices jumped on "hopes of demand boost from easing tensions between the world's two largest economies," D.A. Davidson said.

S&P 500 companies' latest quarterly results showed the pace of earnings growth slowing down compared with data from about a week ago, while revenue expansion accelerated, Oppenheimer Asset Management said.

NRG Energy ( NRG ) shares surged 26%, the top gainer on the S&P 500, after the company agreed to acquire a portfolio of power assets from LS Power Equity Advisors in a cash-and-stock deal valued at about $12 billion.

Harley-Davidson ( HOG ) shares rose 5.2%. The company lowered its estimated cost from tariffs on China following the 90-day suspension agreement with the US.

Newmont ( NEM ) shares slumped 5.9%, the worst S&P 500 performer. The company late Friday said it reduced its stake in Discovery Silver.

Gold was down 3.1% at $3,240.80 per troy ounce, while silver dropped 0.4% to $32.77 per ounce.