Market Cheers 'Trump Surprise'... US Stocks See Biggest Surge in 5 Years [Comprehensive]

Dow Soars 2900p on US Tariff Delay... S&P Sees Biggest Surge in 17 Years

S&P Soars 9.52%... Third Largest Increase Since WWII

Besent: "Tariff Delay Does Not Apply to Sector-Specific Tariffs"

U.S. President Donald Trump's announcement on the 9th (local time) to impose only 10% reciprocal tariffs for 90 days led to a surge in the New York stock market.

On this day, the S&P500 index soared 9.52% to close at 5,456.90 points. It was the largest single-day increase since 2008 and the third-largest increase since World War II. The Dow Jones index surged 2,962.86 points (7.87%) to close at 40,608.45 points, marking the highest daily increase since March 2020. The Nasdaq Composite Index rose 12.16% to close at 17,124.97 points, the largest increase since 2001 and the second-largest in history.

The trading volume on this day also set a record in Wall Street history. CNBC reported, "According to 18 years of records, a whopping 30 billion shares were traded, setting the highest daily trading volume in history."

President Trump announced on Truth Social that he would immediately raise tariffs to 125% against China, which announced additional retaliatory measures against the U.S. reciprocal tariffs. He further stated, "Hopefully, at some point in the not-too-distant future, China will realize that the days of exploiting the U.S. and other countries are no longer sustainable and will not be tolerated."

President Trump also mentioned that over 75 countries, excluding China, have entered negotiations with the U.S. and have not taken retaliatory measures, stating, "For these countries, we have approved a 10% reciprocal tariff, significantly reduced and deferred for 90 days," adding, "This will also be implemented immediately."

Later, U.S. Treasury Secretary Scott Besent provided additional clarification, stating, "A 10% standard tariff rate applies to all countries except China. However, it does not apply to sector-specific tariffs."

By stock, Apple rose 15%, Nvidia surged nearly 19%, and Tesla soared over 22%, being considered the biggest beneficiary of the tariff delay announcement.

However, Sam Stovall, chief investment strategist at CFRA Research, stated, "While this measure may lead to a short-term rally, it is difficult to conclude that this is the bottom."

Secretary Besent responded to the question, "Can this deferral be seen as the final decision on the tariff issue?" by saying, "What happens next depends on the results of negotiations with other countries. The only thing we can say for sure now is that the U.S. will negotiate in good faith, and we expect our allies to do the same."

New York Correspondent Park Shin-young nyusos@hankyung.com