NEW YORK, April 9 (Reuters) - Major stock indexes shot higher on Wednesday, with the S&P 500 last up more than 6%, after U.S. President Donald Trump said he had authorized a 90-day pause on many of his reciprocal and 10% tariffs, effective immediately, even as he raised them on China.
The U.S. dollar strengthened against the yen and other currencies after Trump's announcement while Treasury yields pared gains after an auction of 10-year Treasury notes saw strong demand.
Stocks had also added to gains following the Treasury auction.
Many investors have been worrying that Trump's wide-ranging tariffs could be severe enough to trigger a recession.
The Dow Jones Industrial Average (.DJI), rose 2,041.87 points, or 5.42%, to 39,687.46, the S&P 500 (.SPX), rose 319.36 points, or 6.41%, to 5,302.13 and the Nasdaq Composite (.IXIC), rose 1,231.86 points, or 8.07%, to 16,519.45.
MSCI's gauge of stocks across the globe (.MIWD00000PUS), rose 33.69 points, or 4.53%, to 776.65.
The yield on benchmark U.S. 10-year notes rose 12.2 basis points to 4.382%, from 4.26% late on Tuesday. Against the Japanese yen , the dollar strengthened 0.64% to 147.22.
Reporting by Caroline Valetkevitch in New York and Amanda Cooper in London; Additional reporting by Stella Qiu in Sydney; Editing by Gareth Jones, Alex Richardson, Chizu Nomiyama, Matthew Lewis and Emelia Sithole-Matarise
