Stocks Bounce Back as Powell Says Economy Is Fine: Markets Wrap
- US hiring rises at solid pace, unemployment unexpectedly up
- Putin said to be ready for Ukraine truce with conditions
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A roller-coaster week for markets ended on that same note, with stocks whipsawing as traders tried to make sense of a myriad of headlines around the economy, tariffs and geopolitical developments.
Just minutes after a slide that drove the S&P 500 down over 1%, the gauge staged an “oversold bounce” as Federal Reserve Chair Jerome Powell said the economy is fine. The Nasdaq 100 moved away from the threshold of a correction. Bonds fell. In the first signal 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 saw its worst week since November 2022.