The major domestic equity indexes were higher on Monday, propelling the Dow Jones Industrial Average to a more than two-month closing high, after a truce between the United States and China calmed fears that a trade war might be imminent.

Treasury Secretary Steven Mnuchin’s comments over the weekend that the two countries had put the prospect of a trade war “on hold” and agreed to hold more talks to boost U.S. exports to China help to push share prices higher at the opening, with the Dow leading the charge higher.

Mnuchin said on Sunday the United States and China had agreed to drop their tariff threats, and China on Monday praised a significant dialing back of tensions.

The S&P industrial sector advanced 1.5 percent. Boeing, which sells about a fourth of its commercial aircraft to Chinese customers saw its share price chalk up a gain of 3.6 percent. It was the largest percentage gainer on the Dow and lifted the blue-chip index.

The Russell 2000 rose 0.7 percent to hit a record closing high for a fourth straight session, though the index of small-cap companies underperformed large caps.

General Electric saw its share price rise 1.9 percent after confirming on Monday that it plans to merge its transportation business with rail equipment maker Wabtec, which rose about 3.5 percent.

Not all business leaders welcomed the trade war truce, with some cautioning that Washington would find it tough to rebuild momentum to address what they see as troubling Chinese policies.

Shares of AK Steel fell 5.1 percent and U.S. Steel was down 3.8 percent following the weekend trade announcement.

Micron Technology rose 3.9 percent, the most on the S&P, after the chipmaker lifted its current-quarter forecast.

The easing of the trade dispute also helped chipmakers whose major clients include Chinese firms. As a result, the Philadelphia chip index chalked up a gain of 1.1 percent. The technology sector rose 0.8 percent.

Tesla was up 2.8 percent on pricing of the Model 3’s fully loaded version and after brokerage Berenberg raised its already bullish price target.

Regional lender MB Financial gained 12.9 percent after agreeing to be bought for $4.87 billion by Fifth Third Bancorp, which in turn fell 7.9 percent.

Approximately 5.8 billion shares changed hands on the major domestic equity exchanges, as compared to the 6.6 billion daily average for the past 20 trading days, according to Thomson Reuters data.