Wall Street saw some gains at the close on Friday, while the UK’s FTSE ended down 1.1%. Investors anxiously await to see how President Donald Trump’s 90-day pause on higher tariffs will impact future trading.
Stocks are in rally mode after the President said he doesn't intend to remove the Fed Chair. He also anticipates substantially lower tariffs on China. @KristenScholer explains in the Market Update. pic.twitter.com/6H4melw0Nt
— NYSE 🏛 (@NYSE) April 23, 2025
China hiked tariffs on U.S. goods to 125%, following a 145% tariff imposed by the U.S. on some Chinese imports.
This tariff escalation has led to significant market volatility. The value of the U.S. dollar has fallen to a new three-year low.
Stocks To Watch | 📊Ready, set, trade! Keep an eye on these stocks as they set the market abuzz #StockMarket #TrumpTarrifs pic.twitter.com/Js3aM4Fuq0
— ET NOW (@ETNOWlive) April 24, 2025
President Trump said that the U.S. is “doing really well on our tariff policy.” Negotiations with other countries over these tariffs are expected to begin in the coming weeks.
Business owners like Jenny Ngo, co-owner of Telescope Coffee in San Francisco, are already feeling the impact. Ngo sources her coffee beans from Ethiopia and Guatemala, both now facing a 10% tariff. The prices for her iced coffee cups from China also surged.
Global Markets | Here's a look at how the global equities performed overnight📈 #Nasdaq #DowJones #FTSE #CAC #DAX pic.twitter.com/bvKfrXyPc0
— ET NOW (@ETNOWlive) April 24, 2025
“We unfortunately project to raise prices again in order to sustain our business,” she said. About 61% of Americans have some money in the stock market, primarily through retirement accounts. These accounts are sensitive to market shifts, and the market’s performance is crucial to their long-term financial health.
Jorge Prudencio, who runs Bread Bite Bakery in Washington, DC, is also seeing prices rise for his Colombia-sourced coffee. “Our coffee suppliers have notified us of another price hike due to the tariffs,” he said. Despite the challenges, Prudencio remains hopeful that his customers will continue to buy coffee.
Russia is closely monitoring the situation. Russian economic bodies are analyzing the potential consequences and preparing measures to minimize the impact of the new tariffs. Stocks climbed on Friday as Wall Street wrapped up a historically wild week.
The Dow Jones Industrial Average advanced 619.05 points, or 1.56%. The S&P 500 rose 1.81%, while the Nasdaq Composite climbed 2.06%. The major averages tumbled earlier in the week as trade policy uncertainty weighed on sentiment.
Tariffs impact global trade volatility
On Wednesday, the S&P 500 rallied 9.52%, its best since World War II, while the Dow skyrocketed more than 2,900 points. The Trump Administration has opted for a universal tariff rate of 10%—except for China.
Goods from Beijing will see a rate of 145%. China retaliated by raising its levies on U.S. products to 125% from 84%. Despite the tumultuous week, the three major averages notched solid gains.
The S&P 500 posted a 5.7% advance for its best week since November 2023. The Nasdaq rose 7.3% during the week, while the Dow gained nearly 5%. U.S. stocks experienced a rare quiet day on Tuesday after weeks of significant volatility caused by ongoing trade tensions.
The S&P 500 slipped 0.2%, the Dow Jones Industrial Average fell 155 points, and the Nasdaq composite edged down by less than 0.1%. Treasury yields showed more signs of calming after the sharp movements of the previous week. The yield on the 10-year Treasury eased to 4.33% from 4.38% late Monday.
The value of the U.S. dollar steadied after tumbling last week. The dollar’s value ticked higher against the euro and Swiss franc, though it slipped against the British pound. Albertsons’ stock fell 7.6% despite reporting a stronger profit.
DaVita sank another 3% after reporting a ransomware attack. Bank of America climbed 3.6% after reporting a stronger profit than expected. Palantir Technologies surged 6.2% after NATO announced it would use the company’s AI capabilities.
Concerns about the trade war persist. The United States and China have been imposing increasing tariffs on each other’s goods. Trump’s administration aims to bring manufacturing jobs back to the U.S., while China’s leadership has been trying to present itself as a source of stability.
In stock markets abroad, indexes rose across much of Europe and Asia. Germany’s DAX increased by 1.4%, while Japan’s Nikkei 225 advanced 0.8%.
