Aniket PujariU.S. stocks rose on Friday after a broad selloff on Wall Street during the week as investors assessed the fallout of tariff policies on economic growth, while new data signaled deteriorating consumer sentiment and a surge in inflation expectations.
All three indexes are headed for weekly declines, with the benchmark S&P 500 on track for its fourth consecutive week of declines – its longest weekly losing streak in seven months. The blue-chip Dow is approximately 9% below its recent record high and set to record its worst week in two years, if losses hold.
Global financial markets were roiled by volatility through the week, with the S&P 500 tumbling into correction territory, shedding $4 trillion. The tech-heavy Nasdaq had already entered correction territory the previous week.
The uncertainty arising from Trump’s inconsistent tariff policies has cast a pall over the investment outlook.
“While we may be getting used to the chaos, it still seems as though (U.S.) policy is being delivered in a haphazard manner,” said Art Hogan, chief market strategist at B Riley Wealth. “It’s a technical bounce in an oversold market.”
Trump’s tariffs on metal imports prompted swift countermeasures from Canada and the European Union this week. The president has also hinted at the possibility of additional reciprocal tariffs in early April.
Several brokerages downgraded their ratings on U.S. stocks and numerous companies issued cautious forecasts, citing economic concerns.
Investors flocked to safe-haven assets, with gold breaching the psychological $3,000 mark for the first time ever. U.S.-listed stocks of bullion miners rose, with Barrick Gold gaining 1.4%, Gold Fields adding 1% and Sibanye Stillwater up 3%.
At 10:13 a.m. ET the Dow Jones Industrial Average rose 240.57 points, or 0.59%, to 41,054.14, the S&P 500 gained 49.88 points, or 0.90%, to 5,571.40, and the Nasdaq Composite was up 208.84 points, or 1.21%, to 17,511.86.
The week’s sharp selloff tempered stock valuations and analysts say U.S. equities may be poised to recover.
The technology sector, which was among the top weekly decliners, led sectoral gains by 1.5%.
Tesla edged up 0.3%. A report said the automaker would make a lower-cost version of its best-selling Model Y in Shanghai, aiming to regain ground lost during a price war in its second-largest market.
This copy is being updated
