US stocks soar to historic gains after Trump pauses most of his tariffs

President Donald Trump speaks after signing an executive order in the Oval Office of the White House Wednesday, April 9, 2025, in Washington. (Pool via AP)

US stocks soared to one of their best days in history on a euphoric Wall Street Wednesday after President Donald Trump said he would back off on most of his tariffs temporarily, as investors had so desperately hoped he would.

The S&P 500 surged 9.5%, an amount that would count as a good year for the market. It had been sinking earlier in the day on worries that Mr Trump’s trade war could drag the global economy into a recession. But then came the posting on social media that investors worldwide had been waiting and wishing for.