The wild ride on US stock markets took a dizzying turn Wednesday afternoon when President Donald Trump announced a pause on some of his harshest tariffs, propelling the S&P 500 Index to its biggest one-day gain since 2008.
The S&P 500 closed 9.5% higher and the Nasdaq 100 Index surged 12%. The Dow Jones Industrial Average rallied 7.9%. The Philadelphia Semiconductor Index surged 18.7% and marked the biggest jump on record.