U.S. stocks were shaky Friday as Wall Street’s monstrous week veered toward its close and President Donald Trump’s trade war with China escalated even further, the Associated Press reports.
The S&P 500 was up 0.4% in morning trading after swinging between small gains and losses. It’s coming off a sharp slide that gave back a big chunk of its historic gains from the middle of the week, which came after Trump paused tariffs on many countries outside of China. The Dow Jones Industrial Average was up 0.3% this morning, and the Nasdaq composite was 0.6% higher.
A preliminary survey by the University of Michigan suggested that sentiment among U.S. consumers is falling even more sharply than economists expected.
The price of gold rose more than 2%. It’s one of the areas of the market that investors have instinctually herded to when fear is high.
The value of the U.S. dollar fell again against everything from the euro to the Japanese yen to the Canadian dollar.
The yield on the 10-year Treasury rose to 4.53% from 4.40% late Thursday and from just 4.01% at the end of last week.
JPMorgan Chase, Morgan Stanley and Wells Fargo all reported stronger profit for the first three months of the year than analysts expected. JPMorgan Chase rose 2.3%, Morgan Stanley added 0.3% and Wells Fargo fell 3.7%.
