US stocks surged on Wednesday after President Donald Trump announced a 90-day halt to many of his new tariffs, sparking a huge market rally. The S&P 500 surged 9.5%, its biggest gain in five years, the Dow Jones jumped 2,960 points, or 7.9%, its biggest gain since 2020, while the Nasdaq jumped 12.1%, its biggest one-day jump since 2001. The move extends the momentum of the administration's shifting economic policies, and will temporarily halt tariffs on major U.S. suppliers that were initially aggressively taxed, such as Vietnam and Cambodia. However, Trump has escalated his trade war with China by raising its tariffs to 125%, while actions against the EU are unlikely to be paused given Brussels' retaliatory announcements. The technology sector led the gains after suffering the sharpest losses in the selloff this month so far, with Nvidia jumping 18.7%, Tesla adding 22.7% and Apple rising 15.3%. (Newsmaker23)
Source: Trading Economics
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