U.S. stocks recovered Tuesday after President Donald Trump backed off on threats to impose 10% tariffs on another $300 billion in Chinese imported goods.

The gains all but wiped out losses from Monday, with the Dow gaining more than 350 points and the S&P 500 and Nasdaq rebounding as well.

Yields on U.S. 10-year notes also rose, modestly, as investors shifted out of the safe-haven play.

Helping boost sentiment, media giants CBS (CBS - Get Report)  and Viacom (VIAB - Get Report) agreed Tuesday to combine in a long-awaited all-stock merger, creating a combined company with more than $28 billion in revenue and an approximately $30 billion market capitalization.

Viacom is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells JNJ? Learn more now.

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This article was written by a staff member of TheStreet.