US Stocks Surge, Dollar Gains in Dramatic Relief Rally as Trump Pauses Tariffs

GLOBAL MARKET - NEW YORK. Stock indexes posted their biggest one-day gains in years, with the S&P 500 recording its largest rise since 2008, while the dollar gained and Treasuries pared losses on Wednesday after U.S. President Donald Trump declared a temporary U.S. pause on tariffs.

The announcement by Trump came in the afternoon after days of market turmoil, with bond prices and the U.S. dollar selling off earlier in the day on fears that the administration's plans to raise tariffs to levels last seen more than 100 years ago would push the economy into recession. The president announced an immediate 90-day tariff pause for many countries even as he raised the levy on Chinese imports to 125%.