The “dream scenario” for tech investors helped send the S&P 500 to its highest level since early March.

The Dow industrials added more than 1,100 points, and the Nasdaq Composite entered a new bull market.

Global stock markets surged on Monday after the U.S. and China agreed to slash steep tariffs for at least 90 days, tapping the brakes on a trade war between the world's two biggest economies that had fed fears of a global recession.