US stocks were set to close sharply higher on Wednesday, with most of the major market indices climbing back above key levels, after President Donald Trump said he would not levy reciprocal tariffs on other countries for 90 days provided they have not retaliated by placing new duties on American goods.

The Nasdaq Composite was adding roughly 12% at 17,038.9 late in Wednesday trading, while the S&P 500 gained 9.1% to 5,436.8 and the Dow Jones Industrial Average jumped 7.5% to 40,458.0. All sectors posted large gains, led by technology.

In a social media post, Trump said he 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. However, he increased the tariff rate for Chinese goods to 125% after its government earlier Wednesday raised its tariffs on US goods to 84% from 34% previously.

US Treasury yields were higher intraday, with the 10-year rate jumping 9.9 basis points to 4.36% and the two-year rate soaring 17.6 basis points to 3.91%.

West Texas Intermediate crude oil settled 4.6% higher at $62.35 per barrel intraday.

Gold was up 4.1% at $3,112.90 per troy ounce, as the dollar fell against other currencies and bond yields moved higher after the Presidential decision on tariffs. Silver also gained 3.7% to settle at $30.98 per ounce.