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The ceasefire between the United States and China has set off a huge celebration on Wall Street.The Dow soared about 400 points at Monday's opening bell after China and the United States reached a temporary trade truce. It's a big relief because the damaging trade war between the world's two largest economies was set to deepen in January.The Nasdaq and the S&P 500 climbed more than 1% apiece."A truce is definitely better than an escalation of hostilities," Kit Juckes, strategist at Societe Generale, wrote to clients on Monday.Juckes said that even though investors may doubt the substance of the US-China agreement, "this morning's response reflects relief and a desire to pick up some last-ditch bargains."The relief rally comes after the S&P 500 spiked nearly 5% last week, its best since December 2011. That rebound was triggered by hopes of progress on the trade front and a speech by Federal Reserve chief Jerome Powell that investors interpreted as a signal the central bank will not rush to raise interest rates."The China trade situation is the keystone in the arch of agita," said Sam Stovall, chief investment strategist at CFRA Research.The progress on talks with China means "now we have a very good chance of experiencing a Santa Claus rally," said Sam Stovall, chief investment strategist at CFRA Research.It wasn't just US markets celebrating. Major indexes in Hong Kong and Shanghai surged more than 2.5%. And markets in London, Frankfurt and Paris climbed 2%. Commodities also raced higher. Copper and soybeans rallied. US oil prices, boosted by hopes of an agreement by Russia and Saudi Arabia to cut output, surged 4%.After meeting on Saturday, US President Donald Trump and Chinese President Xi Jinping agreed to hold their fire on tariffs while they try to reach a trade deal. Trump agreed not to raise the 10% tariffs on 0 billion worth of Chinese goods for now. Those tariffs had been scheduled to automatically rise to 25% on January 1. And China said it would be willing to purchase a "very substantial" amount of agriculture, energy and other US products.Still, some analysts warned that the celebration on Wall Street could be short-lived. China and the United States now only have 90 days to sort out nagging trade issues that have been in contention for years, if not decades. And the statements that emerged from the trade meeting lacked concrete details."The beefiest part of Saturday evening's meeting between Presidents Trump and Xi may well have been the local sirloin served for dinner," Nicholas Colas, co-founder of DataTrek Research, wrote to clients on Monday.Goldman Sachs economists said the most likely outcomes are that the truce gets extended after 90 days or that the trade war escalates. The investment bank sees just a 20% chance over the next three months of a comprehensive deal rolling back tariffs."The specter of higher and broader US tariffs remains," Goldman Sachs chief US political economist Alec Phillips wrote to clients on Sunday. 3014

The entire cast of the "Guardians of the Galaxy" films signed an open letter in support of James Gunn, the director of the series' first two films.Gunn was recently fired as the director of the upcoming third movie after it was revealed he made a number of offensive jokes on Twitter between 2008 and 2012.We are not here to defend his jokes of many years ago but rather to share our experience having spent many years together on that set making Guardians of the Galaxy 1 and 2. The character he has shown in the wake of his firing is consistent with the man he was every day on set, and his apology, now and from years ago when first addressing these remarks, we believe is from the heart, a heart we all know trust and love," the letter reads in part.The letter was signed by actors Dave Bautista, Bradley Cooper, Vin Diesel, Sean Gunn, Karen Gillan, Pom Klementieff, Karen Killan, Christ Pratt, Zoe Saldana and Michael Rooker.Read the letter in its entirety in the tweet below.  1005

The Dow Jones Industrial just closed above 29,000! You are so lucky to have me as your President??With Joe Hiden’ it would crash??— Donald J. Trump (@realDonaldTrump) September 2, 2020 192

The Commission on Presidential Debates announced that they've officially canceled the Oct. 15 debate between President Donald Trump and Democratic presidential nominee Joe Biden.In a press release, the commission stated that since both candidates made different arrangements for Oct. 15, the commission will focus on the third and final presidential debate, which is slated for Oct. 22."Subject to health security considerations, and in accordance with all required testing, masking, social distancing, and other protocols, the debate will take place at Belmont University in Nashville, Tennessee," the commission said in the press release.The move to a virtual debate was as a precaution since Trump tested positive for COVID-19 last week.Trump was airlifted to Walter Reed Medical Center last Friday and then discharged from Walter Reed on Monday.According to the Associated Press, The White House has been mum about releasing any information as to when the president last tested negative for the virus.Trump told Fox Business that he would not "waste his time" with a virtual debate.CNN reported that because of Trump backing out and Biden agreeing to do a town hall with ABC, the commission didn't see the Oct. 15 debate likely happening.NPR reported that another reason behind the cancelation was because the Trump campaign and the commission couldn't agree on safety protocols.The Oct. 22 debate will be divided into six 15-minute segments. NBC News' Kristen Welker, who will be serving as the moderator for the debate, will announce the topics sometime next week.Both candidates have agreed to participate in the Oct. 22 debate, the commission noted. 1665

The Detroit Lions have issued a statement in response to reports coach Matt Patricia was indicted on sex assault in a case that was ultimately dismissed.Court records for Cameron County, Texas show Patricia and Gregory Dietrich were indicted in August 1996 on sex assault charges.The case was dismissed in January 1997.The Lions have released the following statements from Matt Patricia and from Lions' owner Martha Firestone Ford, Bob Quinn and Rod Wood.Matt Patricia: 482