Wall Street cruised to the finish of its strong week on Friday, as US stocks glided closer to the all-time high they set just a few months earlier, though it may feel like an economic era ago.
- The Dow rose 331.99 points, or 0.8%, to 42,654.74, up 3.4% for the week.
- The S&P 500 rose 41.45 points, or 0.7%, to 5,958.38, closing the week up or 5.3%.
- The Nasdaq composite rose 98.78 points, or 0.5%, to 19,211.10, up 7.2% this week.
The S&P 500's gain was its fifth straight gain as it closed out its third winning week in the past four, the AP reports. It's rallied back within 3% of its record set in February after briefly dropping roughly 20% below last month, thanks to building hopes that President Trump will lower his tariffs against other countries after reaching trade deals with them. Trump's trade war had sent financial markets reeling worldwide because of twin dangers. On one hand, tariffs could slow the economy and drive it into a recession. On the other, tariffs could push inflation higher. This week featured encouraging news on each of those fronts.
The US and China announced a 90-day stand-down in most of their punishing tariffs against each other, while a couple of reports on inflation in the US came in better than economists expected. It was "a week to remember," according to economists at Bank of America led by Claudio Irigoyen and Antonio Gabriel. But they said they're not expecting a significant drop in volatility, and they're not changing big-picture forecasts. "There is still huge uncertainty regarding the impact of tariffs on economic activity and inflation," they said in a BofA Global Research report. On Wall Street, CoreWeave jumped 22.1% after Nvidia disclosed that it had increased its ownership stake to 7% in the company, whose cloud platform helps customers running artificial intelligence workloads. (More Wall Street stories.)
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