US stocks rose on Friday (October 17th) as investors reacted positively to President Trump's remarks alleviating concerns about further trade escalation with China, while regional bank stocks rebounded after Thursday's sharp declines.
The S&P 500 and Nasdaq each rose 0.5%, while the Dow Jones Industrial Average rose 239 points. Trump said his proposed 100% tariffs on Chinese goods would be unsustainable, although he blamed Beijing for recent trade tensions, and confirmed that his meeting with Chinese President Xi Jinping was still possible at the end of the month. Consumer staples, energy, and financials led the gains, while materials and utilities lagged.
Regional banks, including Zions Bancorporation (+5.8%), Western Alliance (+3.1%), Truist Financial (+3.9%), and Fifth Third Bancorp (+1.3%), recovered after reporting isolated credit issues and posting better-than-expected earnings, easing concerns about broader credit risks. For the week, the S&P 500 and Dow rose 1.7%, and the Nasdaq posted a 2.2% gain. (alg)
Source: Trading Economics
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