NEW YORK, May 21 (Xinhua) -- U.S. stocks traded higher on Monday as investor sentiment was boosted by an easing of trade tensions between China and the United States.

At midday, the Dow Jones Industrial Average jumped 281.75 points, or 1.20 percent, to 24,996.84. The S&P 500 gained 17.65 points, or 0.65 percent, to 2,730.62. The Nasdaq Composite Index rose 34.52 points, or 0.47 percent, to 7,388.86.

China and the United States issued a joint statement over the weekend, vowing not to launch a trade war against each other.

U.S. Treasury Secretary Steven Mnuchin said on Sunday that the United States and China had reached a deal on a "very important" framework concerning their economic and trade ties, and the two sides had agreed to put a possible trade war on hold.

He added that the two sides would continue with their communications on trade issues.

Analysts said easing U.S.-China trade tensions would likely help chipmakers' stocks the most.

On the economic front, led by improvements in production-related indicators, the Chicago Fed National Activity Index rose from 0.32 in March to 0.34 in April, beating market consensus. Enditem