Stocks surged to one of their biggest gains since World War II after President Donald Trump paused his tariffs against most other nations, as investors had desperately hoped he would.

The S&P 500 soared 9.5% Wednesday. The index is still below where it was when Trump announced his sweeping set of tariffs last week.

The Dow Jones Industrial Average flew nearly 3,000 points higher, and the Nasdaq composite jumped 12.2%.

Trump, though, did raise tariffs further on China. Treasury yields gave back some of their big market-rattling gains following Trump’s pause on most tariffs.