Shares of Charles Schwab (SCHW) surged 7.18% in Wednesday's trading session, as investors responded positively to President Donald Trump's announcement of a 90-day pause on "reciprocal tariffs," effective immediately. The move provided relief to financial stocks that had been under pressure due to escalating trade tensions between the United States and China.

The financial services giant's stock rallied alongside other asset managers, with peers such as KKR, Apollo Global Management, and BlackRock also posting significant gains. Charles Schwab's robust performance reflects the broader market sentiment, as fears of prolonged trade disputes eased, at least temporarily.

While the tariff pause offers a respite for financial firms, analysts caution that the underlying trade issues remain unresolved. Investors will likely continue to monitor developments closely, as any shifts in trade policies could have significant implications for asset managers like Charles Schwab, whose fees are often tied to the value of assets under management.