New York: US stocks opened the week with significant gains, as the United States and China announced a trade deal that slashed mutual tariffs by 115% and granted a 90-day pause. According to Anadolu Agency, the Dow Jones Industrial Average climbed 993.23 points, or 2.41%, to reach 42,242.61 as of 10 am EDT (1400GMT) on Monday. The S and P 500 surged 142.86 points, or 2.53%, landing at 5,804.38. Meanwhile, the Nasdaq Composite Index rose by 616.94 points, or 3.38%, to 18,542.25, signaling a robust market response to the trade agreement. The VIX volatility index, often referred to as the "fear index," experienced a decrease of 12.88%, dropping to 19.08, its lowest level since March 27. This reduction in volatility reflects market optimism following the trade deal. Delegations from the United States and China, the world's two largest economies, convened in Geneva over the weekend. They reached an agreement to roll back punitive tariffs for an initial 90-day period. This development marks a rare moment of reli ef in the ongoing trade conflict and raises hopes for longer-term economic stability. The joint statement released on Monday highlighted that both nations agreed to significantly reduce tariffs. The US will cut its tariffs on Chinese products from 145% to 30%, while China's tariffs will be reduced from 125% to 10% by May 14. In addition to the US-China trade deal, last week saw US President Donald Trump announcing a trade agreement with the UK. Washington agreed to reduce import taxes on certain British vehicles and allow some steel and aluminum imports into the country tariff-free.