Wall Street’s bets that the US-China trade truce marked the end to an all-out tariff war drove the S&P 500 up over 3 percent Monday, while sinking defensive corners of the market from bonds to gold and haven currencies.

Wall Street opened higher on Monday after the US agreed to cut tariffs on Chinese goods to 30%, with China reducing its levies to 10%.

US stocks surged to close near the highs of the session on Monday after a US-China deal to temporarily slash reciprocal tariffs offered relief to markets worried about a trade war. Wall Street notched a banner day after the US and China put tariffs on pause for 90 days,