Stock market today: Dow, S&P 500 post best week since 2023 to cap wild week of tariff-fueled chaos

US stocks turned higher on Friday to cap a chaotic week on Wall Street, as investors weighed the latest tariff-related developments in the trade war between the US and China. The S&P 500 (^GSPC) rose 1.8% after seesawing earlier in the session. The tech-heavy Nasdaq Composite (^IXIC) climbed 2.1%. The Dow Jones Industrial Average (^DJI) advanced 1.5%, about 600 points. Trump’s fast-moving tariff policy has whiplashed stocks this week with historic gains during Wednesday’s session but sharp losses on Thursday. In the end, the S&P 500 and Dow had their best weeks since 2023, while the Nasdaq’s 7% weekly gain was its best since 2022. Friday’s session caps a chaotic week on Wall Street, with an increased focus on waning appetite for US assets. The benchmark 10-year Treasury yield (^TNX) climbed to its highest level since February, closing around 4.5%. Meanwhile, the dollar (DX=F) index tumbled below the 100 threshold, while gold (GC=F) hit a fresh record. Consumer sentiment tumbled to its lowest level since 2022 in April as the impacts of President Trump’s tariff policies remained top of mind, with consumers expecting inflation to surge in the year ahead. China said Friday it will raise duties on imports of US goods to 125%, compared with the 84% previously planned, effective Saturday. The move is in direct response to Trump’s ballooning “reciprocal” tariffs on China, the commerce ministry said, but it also suggested it will “ignore” any retaliatory US hikes in duties. Big Wall Street banks got first quarter earnings season going in earnest on Friday, with results rolling in from JPMorgan (JPM), Wells Fargo (WFC), and BlackRock (BLK). JPMorgan CEO Jamie Dimon said the US economy is going through “extreme turbulence.”