Market Wrap / Snap! Now what?

President Trump's decision to hit pause on most reciprocal tariffs saw the local market tear higher Thursday, following massive moves in offshore markets.The S&P/ASX 200 recorded its best day in five years, closing higher by 4.54% to 7709.60 points.

IT was the best performing sector, rising 7.6% while every single stock on the ASX 200 closed in the green.

Zip, reliant on Aussie and US discretionary spendings, ballooned around 20%. 

The materials space also benefited from an uptick in iron ore and general positive market sentiment. BHP and Rio both advanced over 6% in an historic session. 

Boss Energy rose 17.5% as it reaffirmed its FY25 production guidance pushed by the March quarter. 

The banks also rallied, with CBA up 3.6%. 

And even defensive plays like the consumer staples ended in the green, with Coles pushed 1% by a broker update, despite losing ground earlier in the day. 

The rally may be cut short however, as analysts including Citi's global wealth head urge global investors not to buy the dip, and remain disciplined.