The S&P 500 was up 8.6% at 5,415, with no chart resistance until 5,500, Mark Arbeter of Arbeter Investments said in a note. That level also marks a 50% retracement of the correction.

To aid his presentation in the White House's Rose Garden, the US president brandished a chart of tariffs on some of those countries — including Australia. Mr Trump joked it was lucky he had a ...