Why Trump's tariffs triggered a 'huge lack of faith' in US bonds | The Business |

Trillions of dollars flowed back into Wall Street, after a tariff backflip from the White House. The benchmark S&P 500 index posted its best one-day gain since October 2008 with a 9.5 per cent rise, while the tech heavy Nasdaq Composite surged 12.2 per cent, driven by the Magnificent Seven stocks with Tesla, with NVIDIA Corp and Apple leading the gains. Australian stocks increased in value by almost $120 billion, as the local sharemarket posted its best one-day gain since 2020. The benchmark ASX 200 index surged 4.5 per cent to 7,710 points, while the broader All Ordinaries index jumped 4.7 per cent to 7,914 points. However, market analysts are generally warning that investors should expect more extreme volatility until the tariff situation is finally resolved. Mr Trump called a 90 day reprieve on his tariff war and slashed the tax to just 10 per cent for all nations except China. For weeks, he's shrugged aside an unrelenting fall on Wall Street as stocks dived on the prospect of lower growth, a spike in inflation and the growing chance of a recession. But on Tuesday, after weeks of discontent, the real power players on financial markets took action. In an unprecedented attack on America's global financial dominance, they began
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