Stocks tumbled on Thursday after a strong rally following President Donald Trump announcing a 90-day pause on tariffs.
The Dow Jones Industrial Average was down 1,014.79 points, or 2.5%, while the S&P 500 and Nasdaq Composite fell 3.46% and 4.31%, respectively.
Stocks had a historic rally on Wednesday after Trump said the U.S. will pause “reciprocal” tariffs on its trading partners, except for China. The Dow spiked 2,962.86 points, or 7.87%, posting its biggest gain in five years. The S&P 500 climbed 9.52%, its best day since October 2008, and the Nasdaq jumped 12.16%, having its best day since Jan. 3, 2001.
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