Washington, Apr. 9, (dpa/GNA) – After showing a lack of direction earlier in the session, US stocks have spiked in recent trading in reaction to President Donald Trump’s latest announcement on tariffs.

The major averages have all moved sharply higher, partly offsetting the steep losses posted over the past few sessions.

Currently, the major averages are just off their highs of the session. The Nasdaq is up 1,384.14 or 9.1% at 16,652.05, the S&P 500 is up 343.18 points or 6.9% at 5,325.95 and the Dow is up 2,268.60 or 6.0% at 39,914.19.

Stocks skyrocketed after Trump announced in a post on Truth Social that he has authorized a 90-day pause on new tariffs for some countries.”

“I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately,” Trump said.

While it was not immediately clear which countries the pause would apply to, Trump noted the decision came as more than 75 countries have called representatives of the U.S. to “negotiate a solution.”

However, it is clear the pause will not apply to China, as Trump announced he is raising the tariff on the country to 125% due to the “lack of respect” they have shown to the world’s markets.

In an earlier Truth Social post, Trump urged investors to “be cool,” claimed “everything is going to work out well.”

GNA

PDC