US President Donald Trump on April 10 said "more great days coming" after US markets posted their biggest one-day gains in years, with the S&P 500 recording its largest rise since 2008, while the dollar gained and Treasuries pared losses on Wednesday after Trump declared a temporary US pause on tariffs. The S&P 500 ended 9.5% higher, while the Nasdaq rose 12.2% in its biggest one-day gain since January 3, 2001, and its second-biggest on record.
"What a day, but more great days coming!!!" said Trump on Truth Social platform.
The president announced an immediate 90-day tariff pause for many countries even as he raised the levy on Chinese imports to 125%. The news of a pause brought sudden relief to the market.
Benchmark 10-year Treasury prices had also trimmed earlier losses after the U.S. Treasury Department saw strong demand in an afternoon auction of the notes.
The yield on benchmark U.S. 10-year notes rose 6.8 basis points to 4.328%. It earlier reached 4.515%, the highest since February 20. Bond yields move opposite to prices.
A sharp selloff in Treasury prices this week and reports of large liquidations of bonds had raised concerns about deteriorating market liquidity.
The selloff in U.S. assets since Trump's announcement of sweeping tariffs on April 2 has been broad and deep, with Deutsche Bank analysts in a note earlier on Wednesday saying that the "market has lost faith" in them and the world was entering uncharted territory in the global financial system.
With inputs from Reuters
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