US stocks surge as Donald Trump declares pause in tariffs

Reuters reports that American stocks recorded their largest single-day gains in years following US President Donald Trump’s declaration of a temporary pause in the imposition of sweeping tariffs. The S&P 500 posted its steepest rise in one day since 2008, the news agency notes. 

The US leader announced a 90-day pause in tariffs, yet still raised import duties on Chinese goods up to 125%. 

Following the news, the S&P 500 surged 9.5%, while the Nasdaq gained 12.2%. It became the latter’s largest single-day increase since January 3, 2001, and its second-largest on record.

Nevertheless, investors note persistent uncertainty about the long-term plan for import duties. Gina Bolvin, president of Bolvin Wealth Management Group, expects volatility in the markets once the 90-day tariff pause expires. 

Meanwhile, upcoming US quarterly earnings reports will provide more information about the health of American corporations, Reuters highlights. Several banks, including JPMorgan Chase, are due to release results on Friday.