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Wall Street rallies to its best day in months, but that’s not enough to salvage its losing week

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Wall Street rallies to its best day in months, but that’s not enough to salvage its losing week
News

News

Wall Street rallies to its best day in months, but that’s not enough to salvage its losing week

2025-03-15 04:16 Last Updated At:11:22

NEW YORK (AP) — U.S. stocks rallied to their best day in months on Friday as Wall Street’s roller coaster suddenly shot back upward. That still wasn’t enough to keep the U.S. market from a fourth straight losing week, its longest such streak since August.

The S&P 500 jumped 2.1% a day after closing more than 10% below its record for its first “ correction ” since 2023. The last time the index shot up that much was the day after President Donald Trump’s election, when Wall Street was focusing on the upsides of Trump's return to the White House.

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A pair of traders work on the floor of the New York Stock Exchange, Wednesday, March 12, 2025. (AP Photo/Richard Drew)

A pair of traders work on the floor of the New York Stock Exchange, Wednesday, March 12, 2025. (AP Photo/Richard Drew)

The German stock index DAX is pictured at the stock market in Frankfurt, Germany, Thursday, March 13, 2025. (AP Photo/Michael Probst)

The German stock index DAX is pictured at the stock market in Frankfurt, Germany, Thursday, March 13, 2025. (AP Photo/Michael Probst)

The curve of the German stock index DAX is pictured at the stock market in Frankfurt, Germany, Thursday, March 13, 2025. (AP Photo/Michael Probst)

The curve of the German stock index DAX is pictured at the stock market in Frankfurt, Germany, Thursday, March 13, 2025. (AP Photo/Michael Probst)

People walk past London Stock Exchange at the financial district, in London, Thursday, March 13, 2025. (AP Photo/Kin Cheung)

People walk past London Stock Exchange at the financial district, in London, Thursday, March 13, 2025. (AP Photo/Kin Cheung)

A man walks past London Stock Exchange at the financial district, in London, Thursday, March 13, 2025. (AP Photo/Kin Cheung)

A man walks past London Stock Exchange at the financial district, in London, Thursday, March 13, 2025. (AP Photo/Kin Cheung)

A woman walks past the Bank of England, at the financial district, in London, Thursday, March 13, 2025. (AP Photo/Kin Cheung)

A woman walks past the Bank of England, at the financial district, in London, Thursday, March 13, 2025. (AP Photo/Kin Cheung)

People walk past the London Stock Exchange at the financial district, in London, Thursday, March 13, 2025. (AP Photo/Kin Cheung)

People walk past the London Stock Exchange at the financial district, in London, Thursday, March 13, 2025. (AP Photo/Kin Cheung)

A man walks past Bank of England, at the financial district, in London, Thursday, March 13, 2025. (AP Photo/Kin Cheung)

A man walks past Bank of England, at the financial district, in London, Thursday, March 13, 2025. (AP Photo/Kin Cheung)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, March 14, 2025. (AP Photo/Ahn Young-joon)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, March 14, 2025. (AP Photo/Ahn Young-joon)

Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, March 14, 2025. (AP Photo/Ahn Young-joon)

Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, March 14, 2025. (AP Photo/Ahn Young-joon)

A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, March 14, 2025. (AP Photo/Ahn Young-joon)

A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, March 14, 2025. (AP Photo/Ahn Young-joon)

The Dow Jones Industrial Average climbed 674 points, or 1.7%, and the Nasdaq composite jumped 2.6%.

A multi-day “relief rally could be coming” after so much negativity built among investors, said Yung-Yu Ma, chief investment officer at BMO Wealth Management. Swings in sentiment don’t go full-tilt in just one direction forever, and the U.S. stock market has been tumbling quickly since setting a record less than a month ago.

One piece of uncertainty hanging over Wall Street may be clearing after the Senate made moves to prevent a possible partial shutdown of the U.S. government.

Past shutdowns have not been a huge deal for financial markets. But any reduction of uncertainty can be helpful when so much of it has been sending the U.S. stock market on big, scary swings not just day to day but also hour to hour.

To be sure, the heaviest uncertainty remains with Trump’s escalating trade war. There, the question is how much pain Trump will let the economy endure through tariffs and other policies in order to reshape the country and world as he wants. The president has said he wants manufacturing jobs back in the United States, along with a smaller U.S. government workforce and other fundamental changes.

While stock prices may be close to finishing their reset to account for tariffs set to hit in April, Ma said concerns about how big an impact cutbacks in federal spending will have on the economy are “likely to remain for some time.”

U.S. households and businesses have already reported drops in confidence because of all the uncertainties created by Trump’s barrage of on -again, off -again tariff announcements and other policies. That’s raised fears about a pullback in spending that could sap energy from the economy.

Worries look to be only worsening among U.S. households, according to a preliminary survey released Friday by the University of Michigan. Its measure of consumer sentiment sank for a third straight month, mostly because of concerns about the future rather than complaints about the present. The job market and overall economy look relatively solid at the moment.

“Many consumers cited the high level of uncertainty around policy and other economic factors,” according to Joanne Hsu, direct of the survey, and “frequent gyrations in economic policies make it very difficult for consumers to plan for the future, regardless of one’s policy preferences.”

Such fears have Wall Street focused on whether companies are seeing the souring mood of consumers translating into real pain for their businesses.

Ulta Beauty jumped 13.7% after the beauty products retailer reported stronger profit for the latest quarter than analysts expected.

The company’s forecasts for upcoming revenue and profit fell short of analysts’ targets, but Chief Financial Officer Paula Oyibo said it wanted to be cautious “as we navigate ongoing consumer uncertainty.” Analysts said the forecasts appeared better than feared.

Gains for Big Tech stocks and companies in the artificial-intelligence industry also helped support the market. Such stocks have been under the most pressure in the recent sell-off after critics said their prices shot too high in the frenzy around AI.

Nvidia rose 5.3% to trim its loss for 2025 so far below 10%. Apple climbed 1.8% to pare its loss for the week, which at one point had been on pace to be its worst since the 2020 COVID crash.

All told, the S&P 500 rose 117.42 points to 5,638.94. The Dow Jones Industrial Average climbed 674.62 to 41,488.19, and the Nasdaq composite rallied 451.07 to 17,754.09.

In stock markets abroad, indexes rose across much of Europe and Asia.

Stocks jumped 2.1% in Hong Kong and 1.8% in Shanghai after China’s National Financial Regulatory Administration issued a notice ordering financial institutions to help develop consumer finance and encourage use of credit cards, do more to aid borrowers who run into trouble and be more transparent in their lending practices.

Economists say China needs consumers to spend more to get the economy out of its doldrums, although most have advocated broader, more fundamental reforms.

In the bond market, Treasury yields rose to recover some of their sharp recent losses. The yield on the 10-year Treasury climbed to 4.31% from 4.27% late Thursday and from 4.16% at the start of last week.

Yields have been swinging since January, when the 10-year yield was approaching 4.80%. When worries worsen about the U.S. economy’s strength, yields have fallen. When those worries lessen, or when concerns about inflation rise, yields have climbed.

AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

A pair of traders work on the floor of the New York Stock Exchange, Wednesday, March 12, 2025. (AP Photo/Richard Drew)

A pair of traders work on the floor of the New York Stock Exchange, Wednesday, March 12, 2025. (AP Photo/Richard Drew)

The German stock index DAX is pictured at the stock market in Frankfurt, Germany, Thursday, March 13, 2025. (AP Photo/Michael Probst)

The German stock index DAX is pictured at the stock market in Frankfurt, Germany, Thursday, March 13, 2025. (AP Photo/Michael Probst)

The curve of the German stock index DAX is pictured at the stock market in Frankfurt, Germany, Thursday, March 13, 2025. (AP Photo/Michael Probst)

The curve of the German stock index DAX is pictured at the stock market in Frankfurt, Germany, Thursday, March 13, 2025. (AP Photo/Michael Probst)

People walk past London Stock Exchange at the financial district, in London, Thursday, March 13, 2025. (AP Photo/Kin Cheung)

People walk past London Stock Exchange at the financial district, in London, Thursday, March 13, 2025. (AP Photo/Kin Cheung)

A man walks past London Stock Exchange at the financial district, in London, Thursday, March 13, 2025. (AP Photo/Kin Cheung)

A man walks past London Stock Exchange at the financial district, in London, Thursday, March 13, 2025. (AP Photo/Kin Cheung)

A woman walks past the Bank of England, at the financial district, in London, Thursday, March 13, 2025. (AP Photo/Kin Cheung)

A woman walks past the Bank of England, at the financial district, in London, Thursday, March 13, 2025. (AP Photo/Kin Cheung)

People walk past the London Stock Exchange at the financial district, in London, Thursday, March 13, 2025. (AP Photo/Kin Cheung)

People walk past the London Stock Exchange at the financial district, in London, Thursday, March 13, 2025. (AP Photo/Kin Cheung)

A man walks past Bank of England, at the financial district, in London, Thursday, March 13, 2025. (AP Photo/Kin Cheung)

A man walks past Bank of England, at the financial district, in London, Thursday, March 13, 2025. (AP Photo/Kin Cheung)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, March 14, 2025. (AP Photo/Ahn Young-joon)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, March 14, 2025. (AP Photo/Ahn Young-joon)

Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, March 14, 2025. (AP Photo/Ahn Young-joon)

Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, March 14, 2025. (AP Photo/Ahn Young-joon)

A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, March 14, 2025. (AP Photo/Ahn Young-joon)

A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, March 14, 2025. (AP Photo/Ahn Young-joon)

Next Article

Knicks storm back to beat Miami

2025-03-18 12:05 Last Updated At:12:10

NEW YORK (AP) — Mikal Bridges scored 28 points, Josh Hart tied a franchise record with his eighth triple-double this season and the New York Knicks beat Miami 116-95 on Monday night, sending the Heat to their first eight-game losing streak of coach Erik Spoelstra’s career.

Karl-Anthony Towns had 23 points for the Knicks, who fell behind 12-0, then completely turned around the game after Towns scored 15 straight in the second quarter. New York won the season series 3-0 for its first sweep of Miami since 1992-93.

New York led by six midway though the third quarter when the game was delayed for the court to be cleaned up after a fan vomited. The Knicks outscored the Heat 24-6 after the delay to lead 88-64 heading into the fourth.

ROCKETS 144, 76ERS 137

HOUSTON (AP) — Jalen Green and Jabari Smith Jr. had 30 points apiece and Houston rallied for an overtime victory over Philadelphia, extending their season-best winning streak to seven games.

The Rockets trailed by as many as 25 points and never led in regulation before their late rally.

Houston was up by six points after opening overtime with a 9-3 run. Quentin Grimes made a 3-pointer to cut the lead to 140-137 with less than 2½ minutes left in OT.

But Alperen Sengun made two free throws with just over a minute left before Aaron Holiday added two more with 12.1 seconds remaining, making it 144-137 and securing the win.

The Rockets trailed by eight with less than a minute to go in the fourth before using a 10-2 run to tie it at 131, forcing overtime.

PACERS 132, TIMBERWOLVES 130

MINNEAPOLIS (AP) — Obi Toppin’s fourth 3-pointer of overtime came with 3.5 seconds left to lift short-handed Indiana over Minnesota, ending the Timberwolves’ eight-game winning streak.

Toppin had a season-high 34 points on 7-for-10 shooting from deep to help the Pacers win without their top six scorers down the stretch. Four starters were out. Andrew Nembhard was ejected in the third quarter, and Bennedict Mathurin fouled out in the fourth.

Anthony Edwards scored 29 of his 38 points after halftime for the Timberwolves, who led by five with a minute left in overtime until Thomas Bryant hit a 3. Edwards missed from deep, Toppin hit his clutch shot and Julius Randle’s fadeaway fell short at the buzzer.

PISTONS 127, PELICANS 81

NEW ORLEANS (AP) — Cade Cunningham had 24 points and eight assists, and Detroit routed New Orleans.

Simone Fontecchio scored 23 points for Detroit, which had dropped four of six.

Zion Williamson had 30 points for New Orleans, and Yves Missi finished with 12 points, 10 rebounds and two blocks. Williamson also grabbed six rebounds and blocked two shots.

The Pelicans lost for the seventh time in eight games.

Cunningham scored 17 points to help Detroit to a 63-32 halftime lead. Fontecchio had 18 points in the second half.

BULLS 111, JAZZ 97

SALT LAKE CITY (AP) — Coby White scored 26 points and Chicago beat Utah, sending the Jazz to their 10th straight loss.

White, who shot 9 of 19 from the field and 2 for 10 from long distance, was helped by 6-for-7 shooting from the line. Tre Jones added 18 points, 12 assists and three steals as the Bulls won for the fifth time in six games. Kevin Huerter and Matas Buzelis each scored 17. Dalen Terry chipped in with 11 points as six Bulls scored in double figures.

Keyonte George and Lauri Markkanen each scored 16 points for Utah, which last won on Feb. 28, in a 117-116 victory over Minnesota. Jordan Clarkson added 14 points and Brice Sensabaugh 13.

New York Knicks forward OG Anunoby (8) is surrounded by Miami Heat defenders, including center Bam Adebayo (13) and guard Tyler Herro (14), during the first half of an NBA basketball game, Monday, March 17, 2025, in New York. (AP Photo/Heather Khalifa)

New York Knicks forward OG Anunoby (8) is surrounded by Miami Heat defenders, including center Bam Adebayo (13) and guard Tyler Herro (14), during the first half of an NBA basketball game, Monday, March 17, 2025, in New York. (AP Photo/Heather Khalifa)

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