NEW YORK, New York - U.S. stocks fell sharply Thursday, wiping out much of the gains that came in the relief rally a day earlier after President Donald Trump reversed various trade policies but double-downed on China, lifting tariffs on that country to 145 percent.

"Investors have sobered up," Melissa Brown, SimCorp managing director of applied research told CNBC Thursday. "Uncertainty is a big issue because the 145 percent rate could be a different number tomorrow. It's very hard to call a bottom or a top because things have changed so much in the narrative and investor perceptions."

Following are Thursday's closing quotes for the major U.S. stock indices:

• Standard and Poor's 500: The benchmark index fell by 188.85 points, closing at 5,268.05, a decline of 3.46 percent. ​

• Dow Jones Industrial Average (DJIA): The DJIA dropped 1,014.79 points to end at 39,593.66, marking a 2.50 percent decrease. ​

• NASDAQ Composite: The tech-heavy index declined by 737.66 points, finishing at 16,387.31, down 4.31 percent. ​

The market pullback comes after a notable surge on Wednesday, which was driven by President Donald Trump's announcement of a 90-day pause on certain tariffs. However, the decision to increase tariffs on Chinese imports to 125 percent has reignited trade tensions, leading to today's sell-off. ​

Investors remain cautious as they assess the potential impact of ongoing trade policies on the global economy. Market analysts suggest that volatility may persist in the coming sessions as stakeholders await further developments.

Global Foreign Exchange Market Sees Notable Currency Fluctuations on Thursday

On Thursday, the foreign exchange market experienced significant movements among major currency pairs, reflecting a dynamic trading environment influenced by the ongoin g trade was.​

Euro Surges Against the U.S. Dollar

The Euro strengthened considerably against the US Dollar, with the EUR/USD pair rising by 2.32 percent to close at 1.1199. ​

US Dollar Declines Versus Japanese Yen and Swiss Franc

The US Dollar faced declines against both the Japanese Yen and the Swiss Franc:​

• USD/JPY: The pair fell by 2.06 percent, settling at 144.66. The Yen's strength is linked to its safe-haven appeal amid ongoing global uncertainties.​

• USD/CHF: The US Dollar depreciated by 3.68 percent against the Swiss Franc, closing at 0.8246. Investors' flight to safety contributed to the Franc's appreciation.​

British Pound and Commodity Currencies Gain

The British Pound and commodity-linked currencies posted gains against the US Dollar:​

• GBP/USD: The British Pound advanced by 1.19 percent to 1.2967, bolstered by optimistic economic forecasts and investor confidence in the UK's economic recovery.​

• AUD/USD: The Australian Dollar increased by 1.13 percent, ending at 0.6220. Rising commodity prices and improved trade data supported the Aussie Dollar's rise.​

• NZD/USD: The New Zealand Dollar climbed by 1.80 percent to 0.5740, driven by favorable economic indicators and a positive outlook for the country's export sector.​

Canadian Dollar Strengthens Against US Counterpart

The Canadian Dollar appreciated against the US Dollar, with the USD/CAD pair declining by 0.79 percent to 1.3965. This movement reflects higher oil prices and robust economic performance in Canada.

Global Stock Markets Surge on Thursday Amid Investor Optimism

Global stock markets experienced significant gains on Thursday, as major indices across the UK, Europe, Asia, and other regions closed sharply higher, reflecting renewed investor confidence.

Canadian Market:

• S&P/TSX Composite Index: Canada's main stock index, going against the global trend, decreased by 712.16 points, closing at 23,014.87, a drop of 3.00 percent. ​

UK and European Markets Surge

In Europe, markets closed with impressive gains:​

• FTSE 100: The UK's leading index climbed to 7,913.25, an increase of 233.77 points or 3.04 percent.​

• DAX P: Germany's primary index surged to 20,562.73, up by 891.85 points or 4.53 percent.​

• CAC 40: France's benchmark rose to 7,126.02, gaining 263.00 points or 3.83 percent.​

• EURO STOXX 50: The Eurozone's blue-chip index advanced to 4,818.92, up 196.78 points or 4.26 percent.​

• Euronext 100 Index: Closed at 1,403.78, up 48.19 points or 3.55 percent.​

• BEL 20: Belgium's benchmark index increased to 3,985.61, rising 123.39 points or 3.19 percent.​

Asian and Pacific, Middle East and African Markets Exhibit Strong Performance

Markets across most other regions mirrored the positive trend:​

• Nikkei 225: Japan's premier index jumped to 34,609.00, an increase of 2,894.97 points or 9.13 percent.​

• Hang Seng Index: Hong Kong's market rose to 20,681.78, up by 417.29 points or 2.06 percent.​

• KOSPI Composite Index: South Korea's benchmark climbed to 2,445.06, gaining 151.36 points or 6.60 percent.​

• S&P/ASX 200: Australia's leading index reached 7,709.60, up 334.60 points or 4.54 percent.​

• ALL ORDINARIES: Closed at 7,913.90, rising 352.20 points or 4.66 percent.​

• S&P BSE SENSEX: India's index declined to 73,847.15, down by 379.93 points or 0.51 percent.​

• FTSE Bursa Malaysia KLCI: Malaysia's benchmark increased to 1,463.13, up 62.54 points or 4.47 percent.​

• S&P/NZX 50 INDEX GROSS: New Zealand's index rose to 12,201.43, gaining 394.88 points or 3.34 percent.​

• TWSE Capitalization Weighted Stock Index: Taiwan's benchmark surged to 19,000.03, up 1,608.27 points or 9.25 percent.

• TA-125: Israel's index advanced to 2,455.12, increasing 51.13 points or 2.13 percent.​

• EGX 30 Price Return Index: Egypt's benchmark climbed to 30,810.70, up 730.80 points or 2.43 percent.​

• Top 40 USD Net TRI Index: South Africa's index rose to 4,358.25, gaining 269.55 points or 6.59 percent.​​

• Straits Times Index (STI): Singapore's benchmark surged to 3,577.83, up 184.14 points or 5.43 percent.​

• IDX Composite: Indonesia's index experienced a significant drop to 6,254.02, down 5,967.99 points or 48.83 percent.​

Currency Indices

Currency indices also reflected market movements:​

• US Dollar Index: Decreased to 101.22, down by 1.68 points or 1.63 percent.​

• Euro Currency Index: Rose to 111.78, up 2.24 points or 2.04 percent.​

• British Pound Currency Index: Increased to 129.50, gaining 1.27 points or 0.99 percent.​

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