04:04 PM EDT, 04/09/2025 (MT Newswires) -- US benchmark equity indexes ended sharply higher Wednesday after President Donald Trump paused certain tariffs for non-retaliating countries.

* In a Wednesday social media post, Trump said he has authorized a 90-day pause on the full effect of his new tariffs for countries that have not "retaliated in any way, shape, or form" against the US. A lower tariff rate of 10% would be applicable during the period.

* The Nasdaq Composite rose from 15,510 at the time of announcement to 17,125, closing up 12.2% at end of trading. The Dow Jones Industrial Average advanced from 37,748 to 40,598, ending 7.9% higher, while S&P 500 gained from 5,011 to 5,456, up 9.5%.

* In the same post, Trump said his administration was increasing the tariffs on China to 125%, effective immediately. "At some point, hopefully in the near future, China will realize that the days of ripping off the US, and other countries, is no longer sustainable or acceptable," Trump wrote.

* Mortgage applications in the US soared to their highest level since September 2024 last week as heightened economic uncertainty pushed interest rates lower, the Mortgage Bankers Association said.

* May West Texas Intermediate crude oil closed up $3.10 to settle at $62.68 per barrel, while June Brent crude, the global benchmark, was last seen up $3 to $65.82.

* Delta Air Lines ( DAL ) posted better-than-expected Q1 earnings, but the carrier opted not to reaffirm its full-year outlook due to an uncertain macroeconomic environment. Its shares were up nearly 24%.

* CNBC reported that Walmart ( WMT ) pulled its outlook for operating income in Q1 because of tariff uncertainties. The company, however, said it expects Q1 sales growth to continue to match its 3% to 4% outlook. Stifel adjusted the retailer's price target to $91 from $93 while keeping the stock's hold rating. Shares jumped 9.5%.