On Friday, stocks rallied to recover losses triggered by President Trump's tariff rollout in early April, supported by a positive labor report. The S&P 500 gained 1.6%, marking its ninth consecutive daily rise. This surge was aided by growing optimism over potential trade talks between the U.S. and China, with both countries expressing willingness to negotiate, provided tariffs are reconsidered. Despite this recovery, the S&P 500 remains below its mid-February highs, and concerns linger regarding potential economic slowdowns due to tariffs.
If the labor market holds up and the Trump administration walks back the most egregious tariffs, the economy could skirt a deep recession, said Jeffrey Roach, chief economist at LPL Financial.
Friday's boost to stock prices followed a stronger-than-expected report on hiring in April, indicating the labor market's resilience amidst tariff-induced turmoil.
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