Having the speedometer jump and the engine stall in the 1994 Jeep Grand Cherokee Laredo could be a problem with the idle and the transmission. The transmission slipping can cause the speedometer to jump.
Nothing to do with the "TRAC OFF" light, but my daughter has an 2001 Pontiac Grand Am SE, and her car did the same thing and what we found out was that the fuel pump, that was located in the gas tank, was bad. Bought another one and installed it and it works fine now.
A jeep can stall out after running for a few minutes if there are impurities in the fuel or if the transmission is messed. A faulty transmission may also be noticed if there is a delay in shifting or someone needs to restart the car every now and then.