Stocks took a leg higher Friday afternoon on comments from the White House that President Donald Trump is “optimistic” China will seek a deal with the U.S.<\/p>\n
This week has been one of the most volatile periods on record for Wall Street. The major averages tumbled Thursday as traders went into risk-off mode, with trade policy uncertainty weighing on sentiment, losing a chunk of the historic gains seen on Wednesday after Trump announced a 90-day reprieve on some of his high “reciprocal” tariffs.<\/p>\n
The S&P 500 fell 3.46% on Thursday, while the 30-stock Dow tumbled 1,014.79 points, or 2.5%. The tech-heavy Nasdaq ended the day lower by 4.31%. On Wednesday, the S&P 500 rallied 9.52% for its third-largest gain in a single day<\/a>\u00a0since World War II, while the 30-stock Dow skyrocketed more than 2,900 points.<\/p>\n Zoom In IconArrows pointing outwards<\/p>\n The CBOE Volatility Index<\/a>, known as the Vix, earlier in the week spiked above 50 before last hovering near 44.<\/p>\n The Trump Administration has opted for a universal tariff rate of 10% \u2014 except for China. Goods from Beijing will see a rate of 145%, a White House official confirmed to CNBC on Thursday.<\/p>\n China on Friday retaliated by raising its levies on U.S. products to 125% from 84%. “Even if the U.S. continues to impose higher tariffs, it will no longer make economic sense and will become a joke in the history of world economy,” the Chinese finance ministry<\/a> said in a statement, according to a CNBC translation.<\/p>\n Meanwhile, the European Union said its trade representative was flying to Washington on Sunday to “try and sign deals.”<\/p>\n Stock Chart IconStock chart icon The S&P 500 over the past five trading days<\/p>\n “We remain in the early innings of this global trade regime change, and while the 90-day pause on reciprocal tariffs temporarily reversed the market selloff, it does prolong uncertainty,” Wells Fargo Investment Institute president Darrell Cronk wrote in a note on Friday.<\/p>\n Here are the U.S. tariffs currently in place:<\/p>\n Despite the tumultuous week, the three major averages are headed toward solid gains in the period. The S&P 500 is on pace for a 5.6% advance, its best weekly performance since November. The Nasdaq is on track to gain nearly 7%. The Dow is headed for a 4.9% jump week-to-date.<\/p>\n To be sure, the major averages remain sharply lower since April 2, when the White House announced so-called reciprocal tariffs on goods from other countries. Since then, the S&P 500 is down more than 7%.<\/p>\n![\"hide](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/04\/a54b41835a8b60db28c2.svg.svg+xml\")
<\/p>\n\n