US stocks jumped Friday in another manic day on Wall Street, while the falling value of the dollar and other swings in financial markets suggested fear is still high about escalations in President Trump's trade war with China.
- The Dow rose 619.05 points, or 1.6%, to 40,212.71, ending the week up 5%.
- The S&P 500 rose 95.31 points, or 1.8%, to 5,363.36, up 5.7% for the week.
- The Nasdaq rose 337.14 points, or 2.1%, to 16,724.46, up 7.3% for the week.
Stocks kicked higher as pressure eased a bit from within the US bond market, the AP reports. That's typically the more boring corner of Wall Street, but it's been flashing serious enough signals of worry this week that it's demanded investors' and Trump's attention. The yield on the 10-year Treasury topped 4.58% in the morning, up from 4.01% a week ago. That's a major move for a market that typically measures in hundredths of a percentage point. Such jumps can drive up rates for mortgages and other loans going to US households and businesses, which would slow the economy, and they can indicate stress in the financial system. But Treasury yields eased back as the afternoon progressed, and the 10-year yield regressed to 4.48%. That's still higher than the day before, but not by as eye-wateringly much.
The value of the US dollar also fell again Friday against everything from the euro to the Japanese yen to the Canadian dollar. That's even though gold, another place where investors have instinctually flocked when fear is high, rose to bolster its reputation as a safer haven. The shaky trading came after China announced Friday that it was boosting its tariffs on US products to 125% in the latest tit-for-tat increase following Trump's escalations on imports from China. (More Wall Street stories.)
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