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Stocks on Wall Street rallied on Friday to their biggest daily jump since President Trump\u2019s election, bouncing off a drop that had left the market in a correction after weeks of selling. But the gains weren\u2019t enough to overcome the steep losses from earlier in the week, and the S&P 500 remained in negative territory for the week.<\/p>\n
The benchmark index rose about 2.1 percent on Friday as the risk of a government shutdown appeared to lessen, and the tech-heavy Nasdaq Composite and the Russell 2000 index of smaller companies each jumped more than 2.5 percent. Shares in Europe and Asia also rallied, as did cryptocurrencies, oil prices and other investments that had been knocked down recently.<\/p>\n
For the week, the S&P 500 was still down about 2.3 percent, its fourth straight weekly drop, after it suffered its sharpest decline of the year<\/a> on Monday and fell on Tuesday and Thursday as well. By Thursday afternoon, the index was down 10.1 percent<\/a> from its peak on Feb. 19, and in Wall Street terms what investors call a correction. That\u2019s a drop of more than 10 percent, and a symbolic marker of investors\u2019 darkening mood.<\/p>\n The biggest concern on Wall Street right now is the impact of tariffs and a trade war that could push prices for manufacturers and consumers sharply higher, dent consumer sentiment and damage the economy.<\/p>\n<\/div>\n<\/div>\n \u201cUntil the haphazard tit-for-tat tariff threats are behind us, the uncertainty means markets will remain on edge,\u201d John Canavan, the lead U.S. analyst at Oxford Economics, said in a note on Friday.<\/p>\n Those concerns are evident in other markets, too \u2014 including the gold market. Gold, which is often sought out by investors as a safe haven during times of turmoil, hit a record<\/a> on Friday, after breaking above $3,000 per troy ounce for the first time.<\/p>\n The key question remains \u201cwhere fair value rests for a stock market that faces headwinds from tariffs, fiscal spending cuts and potentially softening economic data,\u201d said Yung-Yu Ma, the chief investment officer at BMO Wealth Management.<\/p>\n