U.S. stocks close higher on Friday amid Trump's tariff whiplash!
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U.S. stocks close higher on Friday amid Trump's tariff whiplash
U.S. stocks closed higher last Friday rebounding from earlier declines and ending a rollercoaster of a week. U.S. president Donald Trump’s tariff moves against China, Mexico, and Canada roiled markets last week.?
Federal Reserve chair Jerome Powell addressed the trade war on Friday, noting that “we’re still... uncertain about what will be tariffed, for how long, and at what level. But... some of that... will hit the exporters, importers, retailers, and to some extent consumers.” The Fed chair added that the central bank will approach monetary policy easing with caution, with the economy “continu(ing) to be in a good place.”?
U.S. equities however were down for the week, with the Dow falling 2.37% to 42,801.72. The benchmark S&P 500 slid 3.09% to close at 5,770.20, while the tech-heavy Nasdaq slumped 3.45% to 18,196.22. Japan’s Nikkei 225 was down 0.72% on the week to close at 36,887.17, while Hong Kong’s Hang Seng jumped 5.62% to hit 24,231.30.?
“The market does not like uncertainty,” Glen Smith, chief investment officer at GDS Wealth Management told CNBC. “While we expect the market to find its footing and recover from the tariff-driven selloff, investors should brace for continued choppiness until these uncertainties clear.”?
The U.S. also released new jobs data on Friday, which showed unemployment rising to 4.1%, while job growth picked up in February from the month prior.?
WTI and Brent crude slid 3.89% and 3.85% to $67.04 and $70.36 a barrel, respectively, on the week. Gold gained 2.3% to $2,914.10 an ounce.
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