Stock market posts third biggest gain in post-WWII history on Trump’s tariff about-face

Stock market posts third biggest gain in post-WWII history on Trump’s tariff about-face


Trader work on the floor at the New York Stock Exchange.
Brendan McDermid | Reuters

Wednesday’s jaw-dropping stock-market rally on President Donald Trump’s surprising tariff reversal is one for the history books.

The S&P 500 skyrocketed 9.52% in a kneejerk reaction to Trump’s announcement to put a 90-day pause on some of the lofty ‘reciprocal’ tariffs. The one-day gain ranks as the third biggest since World War II for the main stock market benchmark, according to FactSet.

The Dow Jones Industrial Average advanced 2,962.86 points, or 7.87% and posted its biggest advance since March 2020.

The Nasdaq Composite jumped 12.16%, notching its largest one-day jump since January 2001 and second-best day ever. 

“This is the pivotal moment we’ve been waiting for,” said Gina Bolvin, president of Bolvin Wealth Management Group. “The immediate market reaction has been overwhelmingly positive, as investors interpret this as a step toward much-needed clarity.”

The market was a coiled spring after a brutal four-day stretch that briefly pushed the S&P 500 into bear-market territory. Over the course of the previous four trading sessions, the S&P 500 suffered a 12% loss, a decline not seen since the pandemic. The Dow lost more than 4,500 points during the four-day stretch, while the Nasdaq was down more than 13%.

While stocks managed to recoup much of the losses, investors are not completely out of the woods as Trump vows to reorient global trade. The president said more than 75 countries contacted U.S. officials to negotiate after he unveiled his new tariffs last week.

“It’s still too early to signal an all clear,” said Dave Sekera, Morningstar’s chief U.S. market strategist. “Trade negotiations have yet to start and once they do, there will be positive and negative headlines as each party positions itself to extract the maximum amount of concessions possible.”

 



Source

Stocks making the biggest moves midday: Insulet, Pinterest, Sweetgreen, Lyft, Microchip Technology and more
Finance

Stocks making the biggest moves midday: Insulet, Pinterest, Sweetgreen, Lyft, Microchip Technology and more

Check out the companies making headlines in midday trading: Insulet — The medical device stock surged more than 19% after first-quarter results beat estimates on the top and bottom lines. Insulet reported adjusted earnings of $1.02 per share on $569.0 million of revenue. Analysts surveyed by FactSet were looking for 79 cents per share and […]

Read More
Stocks making the biggest moves premarket: Pinterest, Lyft, Coinbase, BP, Affirm and more
Finance

Stocks making the biggest moves premarket: Pinterest, Lyft, Coinbase, BP, Affirm and more

Check out the companies making headlines before the bell. Coinbase — The cryptocurrency exchange slipped 2% following disappointing top-line results for the first quarter . Coinbase reported revenue of $2.03 billion, while analysts polled by LSEG were expecting $2.12 billion. Earnings fell to 24 cents per share from $4.40 per share a year ago. Expedia […]

Read More
Stocks making the biggest moves after hours: Affirm, Coinbase, Pinterest and more
Finance

Stocks making the biggest moves after hours: Affirm, Coinbase, Pinterest and more

Check out the companies making headlines in extended trading. Affirm — Stock in the buy now, pay later company pulled back nearly 8%. Affirm issued fiscal fourth- quarter revenue guidance ranging between $815 million and $845 million, with a midpoint of $830 million. That’s short of the consensus estimate of $841 million, per LSEG. Pinterest […]

Read More