Donald Trump’s return to the White House was cause for celebration on Wall Street. In the month after Election Day alone, the S&P 500 Index jumped more than 5%, adding some $2.8 trillion in value, on the expectation that the new administration would juice the economy.

U.S. stocks are rallying Wednesday after President Donald Trump showed again that his latest word on tariffs won't always be his last. By pulling back on some of his tariffs temporarily, Trump revived hope on Wall Street that he may avoid a worst-case trade war that grinds down economies and sends inflation higher.