U.S. stocks soared Wednesday after President Donald Trump announced a 90-day suspension of reciprocal tariffs on more than 75 countries, delivering the market its strongest day in over 15 years.

The S&P 500 surged 9.52% to close at 5,456.90 its largest one-day gain since October 2008. The Nasdaq Composite jumped 12.16% to 17,124.97, while the Dow Jones Industrial Average rose 7.87%, ending the session at 40,608.45.

Investors responded quickly to the unexpected shift in trade policy. The move excludes China, which earlier in the day raised its own tariff rate on U.S. goods to 84%. In response, Trump announced a countermeasure, increasing tariffs on Chinese imports to 125%.

Market sentiment had been on edge due to heightened global trade tensions. The broader rollback of tariff plans for most countries appears to have helped ease fears of an escalating trade war at least for now.

In bond markets, yields also ticked higher as risk appetite returned. The 10-year Treasury yield climbed 7 basis points to 4.37%, while the 2-year yield jumped 20 basis points to 3.94%, reflecting reduced demand for safe-haven assets.

It's important to note that the SPDR S&P 500 ETF (SPY) is a widely recognized gauge tracking the overall performance of the S&P 500. The picture indicates negative returns over the past week, month, six months, and year-to-date, reflecting broader market volatility without mentioning any momentum grades.