Wall Street recorded strong gains – Friday – with major banks’ initiation of the first -quarter profit reports and the conclusion of investors for a troubled week full of severe fluctuations driven by the chaos of the multi -front trade war launched by US President Donald Trump.
The three main indicators of American shares concluded the session at a sharp rise after assurances from Susan Collins, President of the Federal Reserve in Boston, that the bank is ready to keep the financial markets working if the need arises.
The three indicators recorded gains compared to the closure of last Friday.
According to the initial data:
- The “Standard & Poor’s 500” index rose 1.73% to close at 5359.40 points.
- The “Nasdaq Al -Mujma” index offers 1.97% to 16710.54 points.
- The “Dow Jones Industrial” index jumped 1.53% to 40201.28 points.
The shares were negatively affected throughout the week by imposing customs duties, then with temporary exemptions on European goods, and escalating in the trade war between the United States and China.
“Investors are looking at this tension and attraction for some positive signs of the decline in the uncertainty that already affects the market,” said Greg Basok, CEO of AX Infostittenz in New York.
Beijing has responded to the latest increase from Trump for customs duties to an actual rate of 145%. The trade war has caused severe fluctuations in the market during the day, and has pushed consumer expectations for inflation in the short term to its highest levels since 1981.
The release of the first quarter profit reports began with a strong start, and the JB Morgan Chase, Morgan Stanley and Wales Vargo all recorded better profits than expected, but warnings of the possibility of the economy’s slowdown due to commercial conflicts were discouraged from the enthusiasm of the sector.
