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The U.S., in a statement, did say the deal requires structural reforms and other changes by China in the areas of intellectual property, technology transfer, agriculture, financial services, and currency and foreign exchange.

“I think the greatest news that we’re all not focused on is there’s no escalation of December 15 tariffs and escalation has come to a halt,” said Art Hogan, chief market strategist at National Securities. “We’ve literally bought the rumor and sold the news.”

Citigroup global economist Cesar Rojas said the potential de-escalation of trade tensions should be positive for encouraging animal spirits and help support the current rebound in manufacturing.

“Overall we think we have what was expected, no December tariffs,” said Rojas. “There is the potential for roll backs of tariffs once this is implemented. We have some time…basically we are kicking the can down the road.” Rojas said he is expects that national security issues will remain a point of controversy between the two, particularly as they discuss technology in the next round of talks.

Analysts have said stocks were already pricing in the promise of a trade deal. But the market was not pricing in any new tariffs, and stocks would have reacted violently had the next round of tariffs on $156 billion in Chinese goods been imposed on Sunday, as threatened. Analysts said investors were, however, disappointed that news reports the U.S. was willing to roll back a full half of all the tariffs did not pan out.

“I think we’ll wake up Monday and see a lot of things that could have gone wrong this week and didn’t. This is one of them and the U.K. election was the other. The market tends to be a little fickle in terms of how much was priced in,” said Hogan. “This is good news. We put a cap on U.S. China trade escalation.”