But it may be a fragile calm that sets in when the euphoria fades — tariffs on China were increased to 125%, and recent dislocation in the U. S. bond market is unlikely to disappear overnight.

Markets rallied as President Trump announced a 90-day pause on tariffs for more than 75 countries.

The Dow Jones Industrial Average increased more than 2,000 points, the S&P 500 increased more than 7%, and the Nasdaq Composite increased almost 10%.

Moments after Trump's social media announcement to pause many new tariffs, the Dow index surged ahead around 2,500 points to a nearly 8% gain on the session.