Summary
Here’s a quick overview of everything that’s happened today:
Stock markets around the world continued to climb after Donald Trump delayed the harshest of his tariffs. The tech-heavy Nasdaq Composite index closed over 11% up for the week after a rollercoaster week.
But there are many new indicators that the US economy remains on shaky ground: the US dollar index slipped to a three-year low, US treasury yield climbed up and consumer expectations on inflation rose to its highest level in four decades.
China announced that it is placing a 125% tariff on American imports, in retaliation for the 145% tariff Trump placed on Chinese imports.
The White House said that there is “great optimism in this economy”, despite the volatility seen in the stock market and said that Trump’s tariffs are a “proven economic formula” that will bring countries to the negotiation table.
US stock markets close in a rally
After a tumultuous week, US stock markets just closed for the week on a high note. The Dow went up 600 points today, while the S&P 500 and Nasdaq Composite were up 1.8% and 2%, respectively.
Over this week, all three indexes rose substantially, largely after Donald Trump paused many of his tariffs. This week:
The Dow went up 6%, or over 2,300 points.
The S&P 500 jumped 8.2%.
The tech-heavy Nasdaq topped 11.6%.
It’s a huge rally after volatile drops in the market, but it’s unclear how long the upswings will last, particularly because the markets have proven so sensitive to the uncertainty around Trump’s policies.
