India, April 9 -- After showing a lack of direction earlier in the session, stocks have spiked in recent trading in reaction to President Donald Trump's latest announcement on tariffs. The major averages have all moved sharply higher, partly offsetting the steep losses posted over the past few sessions.
Currently, the major averages are just off their highs of the session. The Nasdaq is up 1,384.14 or 9.1 percent at 16,652.05, the S&P 500 is up 343.18 points or 6.9 percent at 5,325.95 and the Dow is up 2,268.60 or 6.0 percent at 39,914.19.
Stocks skyrocketed after Trump announced in a post on Truth Social that he has authorized a 90-day pause on new tariffs for some countries.
"I have authorized a 90 day PAUSE, and a substantially lowere...