New York
CNN
 — 

US stocks skyrocketed higher after President Donald Trump announced that he authorized a 90-day pause on the “reciprocal” tariffs that had gone into effect Wednesday, with the exception of China.

Wall Street had been on edge, looking for any sign that Trump might shift his approach to his punitive tariffs. So when Trump posted on social media that he authorized a pause on most reciprocal tariffs, investors were ready to dive in.

US stocks immediately surged, posting a historic rally. The Dow skyrocketed 2,963 points, or 7.87%. The S&P 500 shot up 9.52%. The tech-heavy Nasdaq soared 12.16%.

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