CORRECTED-GLOBAL MARKETS-S&P 500 up 6%, dollar gains as Trump announces tariff pause excluding China

By Caroline Valetkevitch

NEW YORK, April 9 (Reuters) - Major stock indexes shot higher on Wednesday, with the S&P 500 last up more than 6%, after U.S. President Donald Trump said he had authorized a 90-day pause on many of his new tariffs, effective immediately, even as he raised them on China.

The U.S. dollar strengthened against the yen and other currencies after Trump's announcement while Treasury yields pared gains after an auction of 10-year Treasury notes saw strong demand.

Stocks had also added to gains following the Treasury auction.

Many investors have been worrying that Trump's wide-ranging tariffs could be severe enough to trigger a recession.

The Dow Jones Industrial Average .DJI rose 2,041.87 points, or 5.42%, to 39,687.46, the S&P 500 .SPX rose 319.36 points, or 6.41%, to 5,302.13 and the Nasdaq Composite .IXIC rose 1,231.86 points, or 8.07%, to 16,519.45.

MSCI's gauge of stocks across the globe .MIWD00000PUS rose 33.69 points, or 4.53%, to 776.65.

The yield on benchmark U.S. 10-year notes US10YT=RR rose 12.2 basis points to 4.382%, from 4.26% late on Tuesday. Against the Japanese yen JPY=, the dollar strengthened 0.64% to 147.22.