Market history · Trade ·
The 90-day tariff pause and the biggest one-day rally since 2008
A week after the 2 April tariff announcement, on 9 April 2025, President Trump announced a 90-day pause on most of the new reciprocal tariffs. US shares jumped: the S&P 500 posted its biggest one-day gain since 2008 and the Dow rose by roughly 2,900 points.
The reversal followed several days of heavy selling in shares and unusual strain in the US Treasury market. For investors the lesson was that policy-driven moves can run in both directions inside days.
The takeaway
When markets move on policy headlines, both the fall and the recovery can come faster than any model suggests. Staying invested through a policy shock is a decision, not a default.
Sources
This is a retrospective about a past event, provided for general information. It is not investment advice, does not describe RockLake's positioning at the time, and past performance is not a guide to future performance. Read the risk warning.