The S&P 500 sank 2.2% after falling as much as 3.3% earlier. Such an amount would have vied for one of its worst losses in years before the historic swings that have upended Wall Street in recent weeks.
Senators Adam Schiff and Ruben Gallego have asked for "an urgent inquiry" into whether President Trump or others engaged in insider trading on advanced knowledge of his tariff policy changes.
Stocks retreated for yet another day after attempting a rebound earlier in the session. Trillions of dollars in investor wealth have been wiped out since last week.
President Trump announced sweeping tariffs on imported goods, which were higher and broader than many expected. The new import taxes are expected to raise prices and slow growth in the U.S., while pushing many other countries into recession.
Stock markets received a boost from new data showing inflation is easing. Lower inflation has raised hopes about the U.S. economy — but there are still a lot of unknowns.
It is Friday, and Indicators of the Week is back — SUPER Edition. Today, what one New York bank's shakiness means for the wider economy, why Mexican imports in the US are super surging, and the T. Swift effect on the Super Bowl.
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The index surged over 1% to hit a record high, surpassing the previous peak hit around two years ago, driven by big gains in large tech companies and by hopes about the economy.
Halfway through the year, hopes about AI and a sturdier-than-expected economy are leading to a big rally in stock markets — but a lot of uncertainty still lies ahead.
The markets have rallied this year as investors believe inflation will continue to ease and that the economy will avoid a recession – but it could end in tears.
