Stocks fell sharply early Friday after the U.S. raised tariffs on $200 billion worth of Chinese goods. Hours later, remarks from President Donald Trump and Treasury Secretary Steven Mnuchin gave investors reason for optimism, sending stocks higher in the final hour of trading.
The S&P 500 rose 10 points, or 0.4%, to 2,881. Thanks to sharp losses earlier in the week, the S&P 500 still had its worst weekly loss of the year, 2.2%. The Dow Jones Industrial Average rose 114 points, or 0.4%, to 25,942. The Nasdaq edged up 6 points, or 0.1%, to 7,916.
Stocks are falling again on Wall Street after the U.S. and China failed to reach a trade deal, triggering a round of higher tariffs on Chinese goods.
The slump Friday extended a losing streak for stocks that has now erased all of April's gains and put the benchmark S&P 500 index on track for its biggest weekly loss of the year.
Technology stocks, which have led the market this year, fell the most. Those companies do a lot of business with China and would suffer greatly in a long trade war.
Chipmakers did especially poorly. Micron gave up 3.6%.
The S&P 500 fell 32 points, or 1.1%, to 2,838.
The Dow Jones Industrial Average lost 262 points, or 1%, to 25,562. The Nasdaq fell 116 points, or 1.5%, to 7,793.
Stocks are opening broadly lower on Wall Street as traders are disappointed that the U.S. and China failed to reach a deal on trade before Friday's tariff deadline.
Technology and industrial stocks, which would stand to lose the most in a drawn-out trade conflict, had some of the biggest losses Friday.
Western Digital lost 1% and Deere & Co. also lost 1%
The U.S. raised tariffs on $200 billion worth of Chinese goods early Friday after no deal was reached, and President Donald Trump said there was no need to rush the talks with China.
The S&P 500 index fell 9 points, or 0.4%, to 2,860.
The Dow Jones Industrial Average lost 100 points, or 0.4%, to 25,724. The Nasdaq fell 31 points, or 0.4%, to 7,879.