US stocks rocketed higher on Wednesday as President Trump announced a 90-day pause on tariffs for most countries, yet at the same time upped increasingly ballooning levies on China.
The benchmark S&P 500 (^GSPC) roared up over 8.5% at last check, while the tech-heavy Nasdaq Composite (^IXIC) rallied a whopping 11%, aiming for its biggest gain since 2008. The Dow Jones Industrial Average (^DJI) was up over 7%, or over 2,700 points.
"I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately," Trump posted on Truth Social just before the market lifted off. Trump also said in the post that the US would be raising its tariffs on China to 125%.
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