Stocks Rebound as Powell Reassures Markets that the Economy is Fine – US Market Wrap

A roller-coaster week for markets concluded on the same note, with stocks whipsawing as traders attempted to make sense of a slew of headlines about the economy, tariffs, and geopolitical developments.

Just minutes after the S&P 500 fell more than 1%, the gauge staged a “oversold bounce” as Federal Reserve Chair Jerome Powell stated that the economy is fine. The Nasdaq 100 briefly crossed the threshold for a correction. Bonds fell. In the first indication of a positive response from President Vladimir Putin to US counterpart Donald Trump’s call for a ceasefire, Russia was said to be willing to discuss a temporary truce in Ukraine. The dollar experienced its worst week since November 2022.

Markets have had a whirlwind week as tariffs have reached a fever pitch, sending the S&P 500 into a tailspin and briefly driving it below a closely watched technical level: its 200-day moving average. Despite a late-week rebound, the gauge closed with its worst weekly selloff since September.

Wall Street also kept an eye on the latest economic reports. Last month, US job growth remained stable while the unemployment rate rose, presenting a mixed picture of a market teetering on the edge of rapidly changing government policy. Nonfarm payrolls increased by 151,000 in February, following a downward revision to the previous month. The unemployment rate increased to 4.1%.