U.S. stocks surged on Wednesday, as President Trump announced a 90-day moratorium on tariffs for most countries, but also extended ever-increasing tariffs on China.
The benchmark S&P 500 (^GSPC) jumped more than 9.5%, its best day since 2008. The tech-heavy Nasdaq Composite (^IXIC) rallied a whopping 12% for its second-best day on record and its biggest gain since 2001. The Dow Jones Industrial Average (^DJI) was up more than 7.8%, or nearly 3,000 points.
"I have authorized a 90-day moratorium, and a significantly lower reciprocal tariff of 10% will also take effect immediately during this period," Trump posted on Truthout Social just before markets opened. Trump also said in the post that the U.S. would raise its tariffs on China by up to 125%.
When asked about the pause later Wednesday, Trump cited the "yippie" stock and bond markets as a factor in his decision.
"I thought people were talking a little bit out of the box," he said. He also enjoyed the market's rapid upward move, calling it "the greatest day in financial history."
Big Tech led the rally on Wednesday. Nvidia (NVDA) rose more than 18%, while Tesla (TSLA) added nearly 23%. Apple (AAPL), and Meta (META) gained about 15%. Amazon (AMZN) added 12%.
Meanwhile, the benchmark 10-year Treasury yield (^TNX) continued its recent surge, rising to near 4.4% after giving up some gains.
China retaliated on Wednesday in an escalating trade war between the world's two biggest trading partners that has roiled markets amid concerns about broader economic repercussions. Beijing said the 84% tariff hike would take effect Thursday.
Trump's sudden retreat on Wednesday capped a remarkable week of tariff whiplash. Trump's announcement of so-called "reciprocal" tariffs stunned markets last week, and the massive hikes on Vietnam, Japan, India and others took full effect Wednesday morning. The Nasdaq has already entered a bear market, while the S&P 500 and Dow were closing in on Wednesday's sharp gains.
Trump commented on the volatile market action shortly after the market opened Wednesday, writing on social media that it was "a great time to shop!!!"
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