Dow surges 2,900 points, S&P 500 posts biggest gain since 2008 on Trump tariff reversal
The stock market mounted one of its biggest rallies in history after President Donald Trump announced a pause in some of his “reciprocal” tariffs on the globe, causing a market that’s been under extreme pressure for the last week to explode higher.
The S&P 500 skyrocketed 9.52% to settle at 5,456.90 for its biggest one-day gain since 2008. For the broad market index, it was the third biggest gain in post-WWII history. The Dow Jones Industrial Average advanced 2,962.86 points, or 7.87%, to close at 40,608.45 for its biggest percentage advance since March 2020. The Nasdaq Composite jumped 12.16% to end at 17,124.97, notching its largest one-day jump since January 2001 and second-best day ever.
About 30 billion shares traded hands, making it the heaviest volume day on Wall Street in history, according to records that go back 18 years.
Treasury Secretary Scott Bessent later clarified that all countries except China would return to the 10% baseline tariff rate, down from the higher rates that previously shocked the markets, as negotiations take place. The pause would not apply to sector tariffs, Bessent said.
Source : CNBC
