Dow surges 2,600 as U.S. stocks soar in relief after Trump pauses some of his tariffs

U.S. stocks surge as Trump announces temporary tariff pause, easing global market concerns and boosting investor confidence.

U.S. stocks are soaring on a euphoric Wall Street on Wednesday (April 9, 2025) after President Donald Trump said he would temporarily back off on most of his global tariffs, as investors had so desperately hoped he would.

The S&P 500 was up 8% in afternoon trading and heading toward one of its best days in decades. It had been down earlier in the morning amid worries about whether Mr. Trump's trade war would drag the global economy into a recession.

But then came the posting on social media from Mr. Trump that investors worldwide had been waiting and wishing for.

“I have authorized a 90 day PAUSE,” Mr. Trump said, after recognising that more than 75 countries that he said have been negotiating on trade and had not retaliated against his latest increase in tariffs.

Also read | Trump’s global tariffs LIVE

Treasury Secretary Scott Bessent later told reporters that Mr. Trump was pausing his so-called reciprocal tariffs on most of the country's biggest trading partners, but maintaining his 10% tariff on nearly all global imports.

The Dow Jones Industrial Average was up 2,665 points, or 7.1%, as of 2 pm Eastern time, and the Nasdaq composite was 10.3% higher.