S&P 500 surges after surprising consumer confidence report

The stock market has been on a tear since President Donald Trump paused most reciprocal tariffs on April 9. The S&P 500 has gained nearly 20%, including a stretch of nine consecutive up days. The technology-heavy Nasdaq Composite has done even better, returning 25% since its April lows.

The stock market's rally since Trump's tariff pause surprised many investors who were convinced that weakness after the President announced reciprocal tariffs on April 2 would continue amid fears of inflation and recession.