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Dow surges 2,900 points, S&P 500 posts biggest gain since 2008 on Trump tariff reversal: Live updates

h/t: Leroy N. Soetoro

https://www.cnbc.com/2025/04/08/stock-market-today-live-updates-.html

The stock market mounted one of its biggest rallies in history after 
President Donald Trump announced a pause in some of his "reciprocal" 
tariffs on the globe, causing a market that's been under extreme pressure 
for the last week to explode higher.

The S&P 500 skyrocketed 9.52% to settle at 5,456.90 for its biggest one-day gain 
since 2008. For the broad market index, it was the third biggest gain in 
post-WWII history. The Dow Jones Industrial Average
advanced 2,962.86 points, or 7.87%, to close at 40,608.45 for its biggest 
percentage advance since March 2020. The NASDAQ Composite
jumped 12.16% to end at 17,124.97, notching its largest one-day jump 
since January 2001 and second-best day ever.

About 30 billion shares traded hands, making it the heaviest volume day on 
Wall Street in history, according to records that go back 18 years.

"I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal 
Tariff during this period, of 10%, also effective immediately," Trump 
posted on his Truth Social. Trump, in the same post, said he was raising 
the tariff on China higher again to 125%.

Treasury Secretary Scott Bessent later clarified that all countries except 
China would return to the 10% baseline tariff rate, down from the higher 
rates that previously shocked the markets, as negotiations take place. The 
pause would not apply to sector tariffs, Bessent said.

Stocks that were heavily pressured by the trade war tensions led the 
comeback Wednesday afternoon. Apple and Nvidia soared more than 15% and nearly 19%, respectively. Walmart
shares rallied 9.6%. Tesla shares climbed more than 22% on the back of the pause announcement.

"Given how depressed stock prices and sentiment had become, the 90-day 
pause is sparking a violent rebound, and delaying implementation certainly 
removes a giant overhang from the market," said Adam Crisafulli, Vital 
Knowledge founder. "But - tariffs are not going away. China's tariff rate 
is now in triple digit territory, and who knows what happens in 90 days 
when this pause concludes."

Dow Jones Industrial Average
RT Quote | Exchange | USD
40,608.45
quote price arrow up+2,962.86 (+7.87%)
Last | 4:56 PM EDT

Dow intraday:
Prior to the announcement of the 90-day pause, investors were on edge over 
an escalating tit-for-tat between China and Trump. The EU had also 
approved its first set of tariffs on the U.S. set to start April 15.

Nonetheless, stocks were trending higher into the afternoon. Traders were 
encouraged after Bessent stated he would be taking a lead negotiating role 
in tariff talks. President Trump also urged investors that now was "a 
great time to buy" shortly after the market open in a post on Truth 
Social.

Trump's pause declaration went out at 1:18 p.m. ET when the Dow was about 
350 points higher for the day. Seconds later, the 30-stock index surged 
more than 2,000 points.

In a press conference later in the afternoon, Trump said investors" fears 
had gone overboard.

"I thought that people were jumping a little bit out of line. They were 
getting yippy, you know, they were getting a little bit yippy, a little 
bit afraid," said Trump.

Anxiety around the rollout of the tariffs fueled a four-day rout for 
stocks. Over the course of the previous four trading sessions, the Dow 
lost more than 4,500 points, while the S&P 500 sustained a 12% fall. The 
NASDAQ Composite
was down more than 13% in that period. These were losses not seen since 
the pandemic.

"This allows for at least a near-term rally, but I would not assume that 
the bottom has been put in place," added Sam Stovall, chief investment 
strategist at CFRA Research. "Fool me once shame on you; fool me five 
times, shame on me."

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"Trump Derangement Syndrome" Is a Real Mental Condition

All you need to know about "Trump Derangement Syndrome," or TDS.

"Trump Derangement Syndrome (TDS) is a mental condition in which a person has been driven effectively insane due to their dislike 
of Donald Trump, to the point at which they will abandon all logic and reason."

Justin Raimondo, the editorial director of Antiwar.com, wrote a piece in the Los Angeles Times in 2016 that broke TDS down into 
three distinct phases or stages:

"In the first stage of the disease, victims lose all sense of proportion. The president-elect's every tweet provokes a firestorm, 
as if 140 characters were all it took to change the world."

"The mid-level stages of TDS have a profound effect on the victim's vocabulary: Sufferers speak a distinctive language consisting 
solely of hyperbole."

"As TDS progresses, the afflicted lose the ability to distinguish fantasy from reality."

The Point here is simple: TDS is, in the eyes of its adherents, the knee-jerk opposition from liberals to anything and everything 
Trump does. If Trump announced he was donating every dollar he's ever made, TDS sufferers would suggest he was up to something 
nefarious, according to the logic of TDS. There's nothing - not. one. thing. - that Trump could do or say that would be received 
positively by TDSers.

The history of Trump Derangement Syndrome actually goes back to the early 2000s - a time when the idea of Trump as president was 
a punch line for late-night comics and nothing more.

Wikipedia traces its roots to "Bush Derangement Syndrome" - a term first coined by the late conservative columnist Charles 
Krauthammer back in 2003. The condition, as Krauthammer defined it, was "the acute onset of paranoia in otherwise normal people 
in reaction to the policies, the presidency - nay - the very existence of George W. Bush."