Stocks closed modestly higher Monday after President Donald Trump held off on raising tariffs on Chinese imports.

The move, which averted an escalation in the damaging trade war between the world’s two largest economies, spurred an early rally that partly faded by the end of the day. Technology companies and banks led the way higher. Oil prices fell sharply after Trump said they were getting too high.

On Monday:

The S&P 500 index added 3.44 points, or 0.1 percent, to 2,796.11.

The Dow Jones Industrial average gained 60.14 points, or 0.2 percent, to 26,091.95.

The Nasdaq composite rose 26.92 points, or 0.4 percent, to 7,554.46.

The Russell 2000 index of smaller companies dropped 1.26 points, or 0.1 percent, to 1,588.81.

For the year:

The S&P 500 is up 289.26 points, or 11.5 percent.

The Dow is up 2,764.49 points, or 11.9 percent.

The Nasdaq is up 919.18 points, or 13.9 percent.

The Russell 2000 is up 240.25 points, or 17.8 percent.