U.S. stocks soared Wednesday after President Donald Trump announced a 90-day pause on most tariffs, sparking one of Wall Street’s best days in history.

Axar.az, citing AP, reports that the S&P 500 surged 9.5%, the Dow Jones jumped nearly 3,000 points, and the Nasdaq leaped over 12%, reversing earlier losses driven by recession fears.

Trump’s decision excluded China, on which tariffs were raised to 125%, heightening tensions with Beijing.

Analysts cautioned the trade war is far from over, but investors welcomed the temporary relief. The rally pulled the S&P 500 back from the edge of a bear market, while Treasury yields also eased following a successful bond auction.