U.S. Stocks End Tumultuous Week Higher - Minute Briefing
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Danny Lewis: Here's Your Closing Bell Brief for Friday, April 11th. I'm Danny Lewis for the Wall Street Journal. Major US indexes closed higher to end one of the most tumultuous weeks for the stock market in years. The Dow Jones Industrial Average rose 619 points to close at 40,212. The S&P 500 advanced 95 points and the Nasdaq gained 337 points. The day's rise in stocks highlighted the recent market turmoil unleashed by President Trump's trade war. After swinging from daily losses to gains and back again, the three major indexes ended up for the week. The Dow gained about 5%. The S&P rose 5.7%, and the Nasdaq advanced 7.3%. As for today, stocks turned higher after the White House said it has 15 trade deal offers on the table as other countries begin outlining potential agreements with the US, except notably for China, which raised its import duties on US-made goods to 125% to match Trump's recent taxes. The country's tariff authority said it would not raise them further, saying US exports are already now too costly for Chinese markets. Meanwhile, the president of the Boston Fed said the recent financial volatility doesn't seem to have affected investors' ability to trade, but the president of the New York Fed warned that the tariffs and reduced immigration could slow economic growth and push inflation as high as 4%. In individual companies trading today, market volatility has been a boon for some banks as their trading desks racked up revenue during the first quarter. JP Morgan Chase shares rose 4% after it said it brought in a record $3.8 billion in equities, trading revenue, and Morgan Stanley shares gained 1.4% after it reported equities' revenue was up 45% to $4.13 billion. And stock in some gold miners jumped as demand for haven assets, drove gold prices to new records. Newmont shares gained 7.9% and shares of Barrick Gold rose 7%. We'll have a lot more coverage of the day's news on the WSJ's What's News Podcast. You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts.
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