03:37 PM EDT, 04/09/2025 (MT Newswires) -- Financial stocks surged in late Wednesday afternoon trading with the NYSE Financial Index jumping 6.7% and the Financial Select Sector SPDR Fund (XLF) climbing 7.5%.

The Philadelphia Housing Index rose 6.5%, and the Real Estate Select Sector SPDR Fund (XLRE) gained 5.4%.

Bitcoin (BTC-USD) advanced 8% to $82,385, and the yield for 10-year US Treasuries climbed 14 basis points to 4.40%.

In economic news, President Donald Trump paused some tariffs for non-retaliating countries. In a 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. Trump also said his administration was increasing tariffs on China to 125%, effective immediately.

In corporate news, Goldman Sachs ( GS ) economists took back their US recession forecast after Trump tariff announcement, Bloomberg reported, citing a bank note. Goldman shares surged 12%.