US stocks surged after Trump announced a 90-day pause on nearly all his tariffs. Stocks closed up 9.5 per cent by the end of trading.
Amid a global market meltdown, US President Donald Trump advised people to ‘be cool’ as everything is going to be better. He even offered some financial advice when stocks were wavering between gains and losses on Wednesday.
“THIS IS A GREAT TIME TO BUY!!! DJT,” he wrote on his social media platform Truth Social. But people had little idea about why he was giving such a piece of advice at a time when markets across the world were facing turmoil. But those who listened would have made good money as soon after that, US stocks soared to one of their best days in history.
Why Did US Stocks Surge?
US stocks surged after Trump announced a 90-day pause on nearly all his tariffs. Stocks closed up 9.5 per cent by the end of trading. The market, measured by the S&P 500, gained back about $4 trillion, or 70 per cent, of the value it had lost over the previous four trading days.
Curisotiy Over Sign-off
However, there was curiosity regarding Trump’s sign-off with his initials.
DJT is also the stock symbol for Trump Media and Technology Group, the parent company of the president’s social media platform Truth Social.
It’s not clear if Trump was saying buying stocks in general, or Trump Media in particular. The White House was asked, but didn’t address that either. Trump includes “DJT” on his posts intermittently, typically to emphasize that he has personally written the message.
The ambiguity about what Trump meant didn’t stop people from pouring money into that stock.
Trump Media closed up 22.67 per cent, soaring twice as much as the broader market, a stunning performance by a company that lost $400 million last year and is seemingly unaffected by whether tariffs would be imposed or paused.
Trump’s 53 per cent ownership stake in the company, now in a trust controlled by his oldest son, Donald Trump Jr, rose by $415 million on the day.
Trump Media was bested, albeit by only two-hundreds of a percentage point, by another Trump administration stock pick – Elon Musk’s Tesla.
With PTI inputs
