17.10.202520:03:37UTC+00Wall Street Rises as Trade Concerns Ease

U.S. stocks experienced an upswing on Friday as investors responded favorably to President Trump's comments, which helped allay fears of further trade tensions with China. Regional bank stocks also saw a recovery following significant losses on Thursday. The S&P 500 and Nasdaq each increased by 0.5%, while the Dow Jones climbed by 239 points. President Trump indicated that his suggested 100% tariffs on Chinese goods were not sustainable. Despite holding Beijing responsible for the recent trade tensions, he confirmed that a meeting with Chinese President Xi Jinping is still anticipated by the end of the month. Gains were notably driven by consumer staples, energy, and financial sectors, whereas materials and utilities underperformed. Regional banking entities, including Zions Bancorporation (+5.8%), Western Alliance (+3.1%), Truist Financial (+3.9%), and Fifth Third Bancorp (+1.3%), rebounded as they reported isolated credit issues paired with earnings that surpassed expectations, helping to mitigate concerns about widespread credit risks. Over the week, the S&P 500 rose by 1.7%, the Dow recorded a 1.7% increase, and the Nasdaq saw a 2.2% ascent.