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

pulse

March 9, 2018 4:15 PM

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.

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

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

pulse