Stocks rallied Monday after China and the United States announced a 90-day truce in their trade war. Each of the world’s two largest economies agreed to temporarily take down most of their tariffs against the other, which economists had warned could start a recession and create shortages on U.S. store shelves.

The S&P 500 shot up 3.3% to pull back within 5% of its all-time high set in February. It’s been roaring higher since falling nearly 20% below the record mark last month on hopes that President Donald Trump will lower his tariffs after reaching trade deals with other countries. The index at the heart of many 401(k) accounts is back above where it was on April 2, Trump’s “Liberation Day,” when he announced stiff worldwide tariffs that ignited worries about a potentially self-inflicted recession.

The Dow Jones industrial average jumped 1,160 points, or 2.8%, and the Nasdaq composite climbed 4.3%.

It wasn’t just stocks rising following what one analyst called a “best case scenario” for U.S.-China tariff talks, which reduced tariffs by more than what many investors expected.

Crude oil prices climbed because a global economy less burdened by tariffs will likely burn more fuel. The value of the U.S. dollar strengthened against everything from the euro to the Japanese yen to the Swiss franc.

Gold’s price fell, meanwhile, as investors felt less need to buy something safe.

Stocks of smaller companies rallied. Their livelihoods can be more dependent on the strength of the U.S. economy than their bigger and more insulated rivals, and the smaller stocks in the Russell 2000 index jumped 3.4%.

Apparel companies were also strong. Lululemon leaped 8.7%. More than a quarter of its fabric came from mainland China last fiscal year. Nike rose 7.3%.

Travel companies jumped on hopes that lower tariffs would encourage more customers to feel comfortable enough to spend on trips. Carnival rose 9.6%, and Delta Air Lines climbed 5.8%.

Many retailers rose because much of what they sell comes from China and elsewhere in Asia. Richfield-based Best Buy jumped 6.6%, and Amazon rallied 8.1%.

All told, the S&P 500 rose 184.28 points to 5,844.19. The Dow Jones Industrial Average gained 1,160.72 to 42,410.10, and the Nasdaq composite leaped 779.43 to 18,708.34.

In stock markets abroad, indexes rose across most of Europe and Asia, though often by less than the U.S. market.

In the bond market, the yield on the 10-year Treasury jumped to 4.47% from 4.37% late Friday.

The two-year Treasury yield rose to 4.00% from 3.88%.

— Associated Press

McDonald’s plans 375K hiring surge

McDonald’s said Monday it plans to hire up to 375,000 U.S. restaurant employees this summer, its biggest hiring push in years.

The Chicago-based burger giant said the beefed-up job openings are partly due to a U.S. expansion. The company, which has more than 13,500 restaurants in the U.S., plans to open 900 more by 2027.

U.S. Labor Secretary Lori Chavez-DeRemer joined McDonald’s U.S. President Joe Erlinger at a McDonald’s restaurant near Columbus, Ohio, for the hiring announcement.

Its decision to staff up for this summer signals optimism that U.S. restaurant traffic will improve as the year unfolds.

Eric Trump bitcoin venture to go public

American Bitcoin, a cryptocurrency firm co-founded by Eric Trump, announced Monday that it would become publicly traded, the latest expansion of the Trump family’s investments across the crypto industry.

The company, which focuses on bitcoin mining, is set to merge with Gryphon Digital Mining Inc., a firm that is already traded on the Nasdaq. Trump, President Donald Trump’s middle son, is listed as one of the founders and a member of the company’s management team.

American Bitcoin was started in late March, when Trump and his older brother, Donald Trump Jr., announced that they were joining forces with a bitcoin mining firm called Hut 8. Bitcoin mining is a vital branch of the crypto industry, in which major companies, many of them publicly traded, run energy-guzzling data centers to process bitcoin transactions.

The move to take American Bitcoin public could pave the way for traders — including those seeking favor from President Donald Trump — to invest in a Trump family entity, though the company said in its announcement that existing stockholders were expected to own an overwhelming majority of the company.

Fox details new streaming service

Fox Corp. revealed new details about its streaming service on Monday, including that it would debut this fall and would be called Fox One.

The announcement came before the company’s upfront, an annual pitch to entice advertisers with a slate of upcoming shows. Lachlan Murdoch, the company’s CEO and son of Fox Corp. founder Rupert Murdoch, previewed the service on a quarterly earnings call. The name Fox One, he said, was a reference to the combined heft of the company’s TV shows, cable channels and broadcast network, including NFL games.

“Whether it’s the Super Bowl, the election cycle or the upfront, our company is at its best when we work together as one,” Lachlan Murdoch said.

Murdoch did not say how much Fox would charge viewers, only that it would not be less than what its cable subscribers pay.

— From news services