Dow Pops More Than 650 Points in Relief Bounce Friday, But Still Posts Worst Week Since 2023
Stocks rallied Friday, clawing back some of the steep losses seen this week, as investors got a reprieve from tariff-related headlines.
The Dow Jones Industrial Average traded 674 points higher, or 1.65%. The S&P 500 climbed 2.13%, and the Nasdaq Composite advanced 2.61%.
Big tech shares that were rattled earlier this week saw a sharp recovery on Friday. Nvidia shares popped more than 4%. Tesla and Meta Platforms gained more than 1% along with Netflix, Amazon and Apple.
Stocks bounced after a lack of new headlines out of the White House related to tariffs, easing concerns around escalating tensions for the time being. Investors might also be scooping up shares after a stock market pullback on Thursday.
A decline of more than 1% Thursday pulled the S&P 500 into a correction – a decline of at least 10% from the record close notched just 16 days ago. The session’s sell-off dragged the Nasdaq further into correction, and it dragged the small-cap Russell 2000 closer to a bear market, or a drawdown of 20% from its high.
That marks another milestone in the pullback that has gripped investors over the past three weeks as President Donald Trump’s on-again-off-again tariff policy drove up uncertainty and market volatility. The Dow has dropped more than 3% this week, while the S&P and Nasdaq have slipped more than 2%.
The Dow is on track for its second straight losing week and worst weekly decline since March 2023. This would be the fourth negative week in a row for the S&P 500 and Nasdaq.
Adding to Friday’s positive sentiment was Senate minority leader Chuck Schumer, D-N.Y., saying he wouldn’t block a Republican government funding bill.
However, data released Friday from the University of Michigan confirmed that consumer confidence has suffered from the ongoing tariff-related uncertainty, worries that have driven the market down the last three weeks. Consumer sentiment dropped in March to 57.9, lower than the 63.2 economists polled by Dow Jones had expected.
Source : CNBC
