The roller coaster ride continues; Stocks up on Trump tariff U-Turn
After Wall Street regained most of its losses of the previous four sessions, the S&P/NZX 50 Index surged at the opening and then traded smoothly to close at 12,201.43, up 394.88 points or 3.34%.
The index reached an intraday high of 12,325.58 points, and it was one of the biggest single-day rises ever, beating the 3.1% gain on June 8, 2020. The index was at 12,225,28 points on April 4 when the tariff turmoil began.
Volumes were steady with 35.2 million shares worth $143.36m changing hands.
Greg Smith, head of retail with Devon Funds Management, said the 90-day pause was a huge relief for markets. A big source of angst has been removed, and investors who have held their nerve over the last few days will be pleased with the outcome.
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