The S&P 500 fell 3.5 percent by the closing bell, erasing part of Wednesday’s recovery, as fears grew that the worsening trade war with China would crimp growth.

U.S. stocks climbed in Monday trading following the White House announcement that key consumer electronics would be temporarily exempted from tariffs.

Stocks are rallying worldwide Monday after President Donald Trump relaxed some of his tariffs, for now at least. The S&P 500 was 1.5% higher in early trading. It’s coming off a chaotic week where it careened through historic swings as financial markets struggled to catch up with Trump’s moves on tariffs,