Stocks Hike to Begin Week

Equities in Toronto opened higher on Monday, as the United States and China reached a deal to reduce tariffs, bolstering investor optimism and easing fears of an all-out trade war unsettling global markets.The TSX Composite Index rocketed 216.46 points to begin the week at 25,574.20 The Canadian dollar was off 0.31 cents at 71.48 cents U.S. Following weekend talks in Geneva, the two largest economies announced on Monday that the U.S. will reduce the extra tariffs it imposed on Chinese imports in April to 30% from 145%, and Chinese duties on U.S. imports will drop to 10% from 125%. The new measures will be effective for 90 days.The U.S.-Sino deal comes days after the United States and the UK's limited trade agreement that signaled an easing of tariff-related uncertainty.Back home, Prime Minister Mark Carney's new cabinet will be sworn in on Tuesday.In corporate news, Pan American Silver will acquire MAG Silver Corp in a transaction that values the silver mining company at about $2.1 billion. Pan American shares dragged $5.59, or 14.8%, to $32.31, while those for MAG shot higher $1.67, or 7,1%, to $25.25. ON BAYSTREET The TSX Venture Exchange dipped 3.02 points to 680.38. Seven of the 12 subgroups were higher in the first hour, led by information technology, up 4%, energy, rumbling 2.9%, and health-care, haler 2.8%. The five laggards were burdened most by gold, tumbling 5.8%, materials, off 3.7%, while consumer staples were lower 1.1%. ON WALLSTREET U.S. stocks rallied Monday after the U.S. and China agreed to temporarily slash tariffs following negotiations over the weekend in Switzerland.The Dow Jones Industrials screamed 1,044.73 points, or 2.5%, to 42,294.11.The S&P 500 index hiked 157.64 points, or 2.8%, to 5,817.55The NASDAQ Composite flew 665 points, or 3.8%, to 18,594.02. Treasury Secretary Scott Bessent said on Monday that talks with China had been “very productive” and both countries had agreed to cut “reciprocal” tariffs by 115% for 90 days. That brings U.S. tariffs on Chinese goods down to 30%, and Chinese tariffs on U.S. imports to 10%. Bessent told the media on Monday that he expects to meet once again with representatives from Beijing in the “next few weeks” to iron out a bigger agreement.Best Buy, which sells electronics and appliances vulnerable to tariffs, popped 8.7%. Dell Technologies and On Semiconductor climbed 7.8% and 10%, respectively. Amazon advanced more than 8%, and Apple jumped 5%.Prices for the 10-year Treasury eased, raising yields to 4.44 from Friday’s 4.39%. Treasury prices and yields move in opposite directionsOil prices gained $2.12 to $63.13 U.S. a barrel. Prices for gold sank $101.70 to $3,242.30 U.S.