President Trump on Wednesday catapulted US stocks to one of their biggest one-day rallies in the past century with a single post on social media.

At 1:18 p.m. ET, Trump posted on his social media platform Truth Social there would be a 90-day pause on his steep “reciprocal” tariffs for non-retaliating countries.

“I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately,” part of Trump’s post read.

The market exploded higher in reaction.

When the closing bell rang on Wall Street, the benchmark S&P 500 (^GSPC) had gained 9.5% on the day, while the tech-heavy Nasdaq Composite (^IXIC) surged 12.1%.

The Dow Jones Industrial Average (^DJI) rose 2,962 points, or 7.9%.

It was the S&P 500’s best day since 2008, while Nasdaq enjoyed its second-largest one-day rally on record, topped only by a 14% gain back in 2001. For the Dow, Wednesday’s rally marked its largest since 2008.

“Over the last few days it looked pretty glum, so I guess they say it was the biggest day in financial history,” President Trump said on Wednesday from the White House lawn. “That’s a pretty big change.”

Piper Sandler chief investment strategist Michael Kantrowitz wrote in a note Wednesday afternoon the market finally got a “dose of relief.”

“While uncertainty isn’t headed to zero, the worst-case scenario is off the table most likely,” Kantrowitz wrote.

Investors snatched up stocks and saved the questions for later.

Big Tech stocks led the charge higher, with Nvidia (NVDA) shares soaring over 18%, while Tesla (TSLA) added 22%.

Apple (AAPL), Meta (META), and Amazon (AMZN) rose 15.3%, 14.8%, and 12%, respectively.

And while investors embraced Trump’s announcement, the president did escalate his trade war with China, increasing tariffs on imports from China to 125%.

But even stocks that had traded lower in recent days on fears of China tariffs, like Apple, were higher on Wednesday. Shares of Chinese e-commerce giant Alibaba (BABA) rose more than 5%, while JD.Com (JD) rallied over 6%.

Wednesday’s reversal came as market chaos continued to boil late Tuesday and into overnight trading.

The S&P 500 had swung roughly 6% or more peak-to-trough for three straight sessions through Tuesday, a phenomenon only seen in 1987, 2008, and 2020. The 10-year Treasury yield (^TNX) jumped over 50 basis points over a three-day period, its most aggressive move since 2001.

“The Stock and Bond Vigilantes signal that the Trump administration may be playing with liquid nitro,” Ed Yardeni, president of Yardeni Research, said in a research note published on Tuesday night. “Something may be about to blow up in the capital markets as a result of the stress created by the administration’s trade war.”