U.S. stocks climbed Wednesday after President Donald Trump pulled back on some of his tariffs temporarily. The move revived hope on Wall Street that Trump may avoid a worst-case trade war that grinds down economies and sends inflation higher.

All three major U.S. markets sank before regaining lost ground on fears a trade war will hobble the world’s largest economy and boost inflation.

Wall Street's main indexes finished higher in choppy trading on Wednesday, as investors cheered the likely easing of trade tensions between the U.S. and major trading partners.