Stock markets: Wall Street surges as Nasdaq, S&P and Dow skyrocket after Trump's move

Stocks surged to one of their biggest gains since World War 2 after Donald Trump paused his, as investors desperately hoped he would. As markets in the US closed, the S&P 500 soared 9.5%, though the index is still below where it was when Mr Trump announced his sweeping set of tariffs last week. The Dow Jones Industrial Average flew nearly 3,000 points higher, and the Nasdaq composite jumped 12.2%.

Shares in carmakers, travel companies, technology giants and retailers surged after some sharp declines over the past few days amid predictions of dire consequences for the global economy. Companies sourcing parts and materials from countries in Asia and Europe had been sinking on expectations of sharply higher costs.

But on Wednesday, jumped nearly 18%, Apple gained 9.5%, JPMorgan added more than 7%, and Warner Bros jumped almost 17%. Travel-related companies in particular skyrocketed, with United Airlines and Delta gaining more than 20% and Norwegian Cruise Line up almost 18%.

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