The Globe and Mail reports in its Wednesday edition that Wall Street surged on Tuesday as investor risk appetite was buoyed by President Donald Trump's latest tariff respite and an unexpected jump in consumer confidence. A Reuters dispatch to The Globe says the S&P/TSX Composite Index ended up 195.87 points at 26,269.00, eclipsing the closing record high it posted on Monday. A broad rally sent all three major U.S. stock indexes higher, with strength in the "magnificent seven" group of technology stocks putting Nasdaq out front. The S&P 500 is now within 3.6 per cent of its record closing high reached on Feb. 19, having plunged as much as 18.9 per cent below that level in the wake of Mr. Trump's erratic tariff announcements. In the latest move, the President over the weekend backed down from his 50-per-cent tariff threat against the European Union, delaying its implementation until July 9 to allow for negotiations between the White House and the 27-nation bloc. "Investors have kind of figured Trump out a little bit," said Paul Nolte at Murphy and Sylvest in Elmhurst, Ill. "When pressed by the other players at the table, he folds." A 14.4-per-cent surge in U.S. consumer confidence added momentum to the rally.