Tesla (TSLA) shares surged more than 20% in afternoon trading Wednesday, leading gains for seven other tech giants as President Trump announced a 90-day suspension of most of the tariffs his administration announced last week.
The tech sector led gains, with Tesla’s gains making it one of the best-performing stocks in the S&P 500 and Nasdaq, along with artificial intelligence chipmaker Nvidia (NVDA), which rose more than 18%, outperforming the Dow Jones Industrial Average.
Overall, the S&P 500 closed up 9.5% on Wednesday, the Dow rose 8%, and the tech-heavy Nasdaq rose 12%.
Broadcom (AVGO), Advanced Micro Devices (AMD), Micron Technology (MU), Applied Materials (AMAT) and other semiconductor stocks also rose, pushing the PHLX Semiconductor Index (SOX) up nearly 19%.
Meta Platforms ( META ) rose nearly 15%, Amazon ( AMZN ) gained 12%, Microsoft ( MSFT ) rose about 10% and Google parent Alphabet ( GOOGL ) rose about 10%.
Apple ( AAPL ) shares rose more than 15% after suffering its worst four-day losing streak since 2000.
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