U.S. stocks fell again Monday after President Donald Trump doubled down on his tariffs, despite seeing how much Wall Street wants him to do the opposite. "The financial markets have had a few days to try to digest President Donald Trump's massive increase in tariffs. And so far, their panicked. They're worried," said Josh Boak, a White House reporter for the Associated Press. "Even if some of those tariffs get pulled back. Right now, the white House is showing no signs of retreating, even as Vietnam has offered to put its own tariff rates at 0% and Israel has done the same." Earlier in a heart-racing morning, the Dow plunged as many as 1,700 points shortly after trading began, following even worse losses worldwide on worries that Trump's tariffs could torpedo the global economy. But it suddenly surged to a leap of nearly 900 points. The S&P 500 went from a loss of 4.7% to a gain of 3.4%, which would have been its biggest jump in years. The sudden rise for stocks followed a false rumor that Trump was considering a 90-day pause on his tariffs, one that a White House account on X quickly labeled as “fake news.” Stocks then turned back down. That a rumor could move trillions of dollars' worth of investments shows how much investors are hoping to see signs that Trump may let up on his stiff tariffs, which have started a global trade war. Soon after that, Trump threatened to raise tariffs further against China after the world's second-largest economy retaliated last week with its own set of tariffs on U.S. products. It’s a slap in the face to Wall Street, not just because of the sharp losses it’s taking, but because it suggests Trump may not be moved by its pain. Many professional investors had long thought that a president who used to crow about records reached under his watch would pull back on policies if they sent the Dow reeling. "All of this points to the fact that the uncertainty is only mounting," said Boak. "The drama will only keep building until we get a clear signal from the white House in terms of what they plan to do to address the possible damage, and also ensure that this is a policy that does more to help the United States and possibly hurt it."