US stocks finish higher after rollercoaster week
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Traders work on the floor of the New York Stock Exchange on April 11, in New York City.
PHOTO: AFP
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NEW YORK - Wall Street stocks finished solidly higher on April 11, concluding a rollercoaster week on a positive note amid hopes that the market has absorbed the worst headlines about trade conflicts.
US equities shrugged off early weakness after China announced 125 per cent tariffs on US goods
Despite that escalation, traders hope “that we’re going to pivot from the phase of escalation to negotiation and hopefully further down the road to de-escalation,” said Mr Angelo Kourkafas, of Edward Jones.
Potentially “a lot of bad news is in the price already,” he added.
The broad-based S&P 500 finished at 5,353.36, up 1.8 per cent.
The Dow Jones Industrial average gained 1.6 per cent to 40,212.71, while the tech-rich Nasdaq Composite Index jumped 2.1 per cent to 16,724,46.
US equities this week have gyrated as markets digest President Trump’s shifting announcements on tariffs and the evolving stance of other parties, including the European Union, which unveiled and then paused countermeasures earlier in the week.
Meanwhile, economists point to a rising risk of a US recession amid worries about inflation. On April 11, a survey from the University of Michigan noted a sharp drop in consumer confidence,
Investors are also turning attention to quarterly earnings season, which began in earnest on April 11 with large banks and financial players.
JPMorgan Chase surged 4 per cent following better than expected results, while BlackRock gained 2.3 per cent and Morgan Stanley rose 1.4 per cent. Wells Fargo lost 1 per cent. AFP
