The S&P 500 jumped 2% Tuesday on delaying a 50% tariff on goods

Wall Street rallied after President Donald Trump delayed a 50% tariff on goods coming from the European Union.

The S&P 500 jumped 2% Tuesday. Its gains accelerated following a better-than-expected report on U.S. consumer confidence. The Dow Jones Industrial Average added 1.8%, and the Nasdaq composite climbed 2.5%.

They more than recovered their losses from Friday, when Wall Street’s roller coaster dropped after Trump announced the tariffs on the European Union. Nvidia was one the strongest forces pushing the U.S. stock market higher. Treasury yields eased in the bond market.

The S&P 500 rose 118.72 points, or 2%, to 5,921.54.

The Dow Jones Industrial Average rose 740.58 points, or 1.8%, to 42,343.65

The Nasdaq composite rose 461.96 points, or 2.5%, to 19,199.16.

The Russell 2000 index of smaller companies rose 50.55 points, or 2.5%, to 2,090.40.