Wall Street’s three major indexes rallied sharply on Monday with the S&P 500 hitting its highest levels since early March as a U.S.-China agreement to temporarily slash tariffs brought some hopes for the easing of a global trade war, which U.S. President Donald Trump ignited in early April. The TSX also rose, but was held back by a decline in gold prices and interest rate sensitive stocks, which were hampered by a sharp rise in bond yields.

The U.S. and China announced on Monday that they would slash steep tariffs on each other for 90 days. The U.S. said it will cut tariffs imposed on Chinese imports to 30% from 145% while China said it would cut duties on U.S. imports to 10% from 125%.

Investors showed some relief by favoring riskier assets and turning away from more defensive bets, but they were still left waiting for clarity on where tariffs would ultimately settle.

“It’s a relief rally because there was a lot of anxiety and angst about tariffs between the U.S. and China,” said John Praveen, managing director at Paleo Leon in Princeton, New Jersey, adding that the world’s two biggest economies appeared to be working to avoid the worst-case tariff scenarios.