US stocks rallied on Wednesday after President Donald Trump announced a 90-day pause on some tariffs, marking a reversal from days earlier when he said the policy would “never change.” The Dow Jones Industrial Average surged 2,962 points, or 7.8%, its best day since 2020.
The S&P 500 jumped 9.5% and the tech-heavy Nasdaq soared 12.1%. The spike in major stock indexes erased much of the losses suffered after Trump’s tariff announcement last week. The US president cited “people getting yippy” amid the tariff fallout as reason for the policy change.
Trump also announced additional tariffs on China, increasing cumulative tariffs from 104% to 125%. European Union countries backed a proposal to counter Trump’s tariffs on steel and aluminum with countermeasures. Markets in Europe declined despite this news, with key indices falling by up to 2.6%.
The market rally follows a tumultuous Tuesday, when US stocks closed lower after a earlier day’s rally that sent the S&P 500 and Nasdaq up more than 4%.
Source: https://abcnews.go.com/Business/asian-markets-us-futures-slide-trumps-new-china/story?id=120626507