From USA TODAY.

Stocks ripped higher and bond yields jumped Wednesday after the White House pulled back on its trade war.

The S&P 500 was up 414 points, 8.3%, to trade near 5,397, while the Dow Jones Industrial Average added 2,680 points, or 7.1%, to top 40,000. The tech-heavy Nasdaq Composite surged 1,608 points, 10.5%, to trade near 16,876 in the mid afternoon.

Shortly after 1 pm ET, President Donald Trump said he was pausing reciprocal tariffs on all countries for 90 days while raising China’s levy to 125%.

That followed a pledge from China to raise its tariff on U.S. goods to 84% after hefty new tariffs on its goods took effect at 12:01 a.m. ET on Wednesday. During the day, the European Commission, which represents the European Union, approved a set of tariffs to start April 15, calling U.S. tariffs "unjustified and damaging, causing economic harm to both sides, as well as the global economy.”