Stocks closed out a historic week in volatile fashion. The Dow and Nasdaq reversed earlier losses to settle with triple-digit gains, while the S&P 500 also climbed out of the red to notch a win. Despite outsized losses to start the week in response to President Trump's tariffs, the Nasdaq nabbed its best week since November 2022 thanks to a 90-day pause on reciprocal levies, while the Dow and S&P 500 marked their best weekly performances since November 2023.

Today's gains came after the White House expressed optimism regarding a potential deal with China and the European Union (EU), after the former retaliated with a 125% levy on U.S. goods. Inflation data and April's worse-than-expected consumer sentiment reading were also in focus. In response, the Cboe Volatility Index (VIX) settled lower on the day and week.

GOLD PRICES SURGE AS GREENBACK FALTERS

Oil prices edged higher on Friday as investors weighed geopolitical risks in response to President Trump's tariffs. May-dated West Texas Intermediate (WTI) crude rose 19 cents, or 0.3%, to close at $60.26 per barrel. Despite today's gains, black gold still saw a 1.5% weekly loss. 

Gold prices settled firmly higher amid recession fears, U.S.-China trade tensions, and a weaker U.S. dollar. June-dated gold was last seen 2.4% higher at $3,253.20 an ounce, and added more than 6% this week as traders sought a safe haven in the yellow metal.

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