Stock Market News: Dow Erases Year to Date Losses; S&P 500 Notches for 5-Day Win Streak
The stock market was picking up steam on Friday with the major indexes on track for their best week since President Donald Trump delayed the bulk of his global tariffs in April.
The S&P 500 was up 0.5% on Friday with 434 stocks set to close higher on the day. The Nasdaq Composite was up 0.3%. The Dow was up 234 points, or 0.6%.
The Nasdaq was up track for a 6.9% weekly gain, while the S&P 500 was up 5%. The Dow was up 3.1% on the week. All three would mark their largest weekly gain since April 11.
Just like the week of April 11, the market’s gains this week were sparked by a rollback in tariffs. Over the weekend, the U.S. and China agreed to roll back tariffs on U.S. goods to 30% for 90 days while both sides negotiate a larger trade agreement.
The announcement served as a green light for traders looking for any excuse to pile back into risker stocks. Though tariffs remain elevated, Wall Street is optimistic that more deals will emerge and the economic fallout of higher tariffs rates for longer can be avoided. The next leg higher will depend on such hopes actually playing out.