US stocks rose on Friday, ending a turbulent week on a positive note, as optimism grew over a potential U.S.-China trade deal. The S&P 500 rose 1.8%, the Nasdaq gained 2%, while the Dow gained 618 points. Sentiment improved after comments from the White House that President Trump was "optimistic" China would work toward a deal with the U.S. Trade tensions escalated when President Trump raised tariffs on Chinese goods to 145%, prompting retaliatory measures from China, which raised its duties on U.S. imports to 125%. On the data front, a University of Michigan survey showed consumer confidence was at its lowest level since 2022, with inflation expectations surging to their highest since 1981. Meanwhile, earnings season kicked off with mixed results from major banks, with Wells Fargo falling 1%, while Morgan Stanley rose 1.4% and JPMorgan up 4% after reporting record-breaking earnings. This week, the major indexes posted their strongest weekly performance in months, driven by a historic rally on Wednesday. (Newsmaker23)
Source: Trading Economics
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