Finance: Dow surges 440 points and the Nasdaq hits a record high on optimism around tariffs, North Korea, and jobs

All of the major averages are up at least 1%. Stocks surged Friday after President Donald Trump dialed down his tariffs, progress in Nort...

Dow Jones

All of the major averages are up at least 1%.

  • Stocks surged Friday after President Donald Trump dialed down his tariffs, progress in North Korea, and a strong jobs report.
  • All of the major averages gained least 1.7%, with the Nasdaq hitting a record high.
  • Goldman Sachs gained despite reports that CEO Lloyd Blankfein would step down as soon as the end of the year.
  • Steel stocks were a notable laggard.
  • Follow the Dow Jones industrial average in real time.

US equity markets surged Friday as traders digested a plethora of macro news.

The Dow Jones industrial average soared 440 points and the Nasdaq hit a record high following a dialing down of President Donald Trump's tariffs, progress in North Korea, and a strong jobs report. All three of the major averages gained at least 1.7%.

The good news started to flow Thursday afternoon following Trump's announcement that while his tariffs on aluminum and steel would start in 15 days, Canada and Mexico would be exempt and other trading partners would be looked at on a case by case basis if they submitted a request.

Then, Thursday evening, Trump, through South Korean National Security Office head Chung Eui-yong, said he would meet with North Korean leader Kim Jong Un by May to discuss "permanent denuclearization" by the rogue state.

The good news kept coming Friday morning in the form of a strong jobs report when data released by the Bureau of Labor Statistics showed the US economy added 313,000 nonfarm jobs in February, easily surpassing the 205,000 estimate that was anticipated.

Friday's gains were led by the financial sector, which jumped 2.3%. Industrials, information technology, and energy all gained at least 2.3%.

Chevron was the top performer on the Dow, up 3.41% while Caterpillar and JPMorgan, Cisco Systems, and Intel all rallied at least 2%.

Shares of Goldman Sachs ended higher by 1.66% following reports that CEO Lloyd Blankfein will step down as soon as the end of the year.

Meanwhile, steel stocks are a notable laggard as traders opted to sell the space in response to Trump's softening of his tariffs. AK Steel fell 3.67% and US Steel sank 1.4%.

Optimism surrounding the jobs report weighed on US Treasurys, running the 10-year yield up 4 basis points to 2.90%.

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NewsSplashy - Latest Nigerian News Online,World Newspaper: Finance: Dow surges 440 points and the Nasdaq hits a record high on optimism around tariffs, North Korea, and jobs
Finance: Dow surges 440 points and the Nasdaq hits a record high on optimism around tariffs, North Korea, and jobs
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