Stock market today: Wall Street ends its wild week with what else but
more swings
[March 08, 2025] By
STAN CHOE
NEW YORK (AP) — Wall Street rose on Friday, but only after careening
through another wild day. It was a fitting ending to a brutal week of
scary swings dominated by worries about the U.S. economy and uncertainty
about what President Donald Trump will do with tariffs.
The S&P 500 climbed 0.6% after storming back from an earlier loss that
had reached 1.3%. It was coming off a punishing stretch where it swung
more than 1%, up or down, for six straight days.
The Dow Jones Industrial Average added 222 points, or 0.5%, and the
Nasdaq composite rose 0.7%. The wild week, which was the worst for the
S&P 500 since September, left the index a little more than 6% below its
all-time high set last month.
The head of the Federal Reserve helped ease the market’s worries on
Friday afternoon after saying he thinks the economy looks stable at the
moment, and he doesn’t feel pressure to cut interest rates in order to
prop it up.
Traders in recent weeks had been building bets the Fed would have to cut
its main rate more than three times this year following a stream of
weaker-than-expected reports on the economy. But Jerome Powell pushed
back on speculation he and other Fed officials could feel pressure to
act soon.
“The costs of being cautious are very, very low” right now, Powell said
about holding steady on interest rates. “The economy is fine. It doesn’t
need us to do anything really. We can wait, and we should wait.”

A highly anticipated jobs report released Friday morning may have given
him leeway to do just that. The U.S. Labor Department said employers
added 151,000 more jobs last month than they cut. That was slightly
below economists’ expectations, but it was an acceleration from
January’s hiring.
Recent, discouraging surveys had shown souring confidence for U.S.
businesses and households because of uncertainty around Trump’s tariffs,
and economists were waiting to see if Friday’s report would show if that
was translating into real pain for the economy and job market.
“To sum it up: today’s print wasn’t as bad as feared,” according to
Lindsay Rosner, head of multi sector fixed income investing at Goldman
Sachs Asset Management.
Some economists, though, also warned the jobs data included concerning
details underneath the surface that could imply trouble ahead. The
number of people working part time who would rather be full time rose
10% in February from January, for example.
“The market might breathe a sigh of relief that the labor market was
still looking healthy, but a deeper dive shows that spring could be a
more challenging season,” said Brian Jacobsen, chief economist at Annex
Wealth Management.
The whiplash actions from the White House on tariffs — first placing
them on trading partners and then exempting some and then doing it again
— have raised uncertainty for businesses.
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 That sparked fears businesses might
freeze in response to what they have described as “chaos” and pull
back on hiring. U.S. households, meanwhile, are bracing for higher
inflation because of tariffs, which is weakening their confidence
and could hold back their spending. That would sap more energy from
the economy.
Trump said Friday he wants tariffs to bring jobs back to the United
States, and he gave no indication more certainty is imminent for
financial markets. “There will always be changes and adjustments,”
he said in comments from the Oval Office.
“There could be some disturbance,” Trump said about the effect on
the economy before saying, “I solved a little bit of that” by giving
a one-month reprieve on tariffs for Mexican and Canadian imports for
automakers.
In the bond market, Treasury yields initially fell after the jobs
report but rose after Powell’s comments pushed traders to ratchet
back expectations for four or more cuts to rates this year.
The 10-year Treasury yield fell as low as 4.22% before climbing to
4.30%, up from 4.28% late Thursday. It’s been generally sinking
since January, when it was nearing 4.80%, as investors have
ratcheted back expectations for the U.S. economy’s growth.
On Wall Street, Walgreens Boots Alliance climbed 7.5% after the
pharmacy and drug store chain agreed to be acquired by private
equity firm Sycamore Partners. The buyout would take the struggling
chain private for the first time since 1927 and give it more
flexibility to make changes to improve its business without worrying
about Wall Street’s reaction.
Broadcom rose 8.6% after delivering stronger profit and revenue for
the latest quarter than analysts expected. The chip company also
gave a forecast for upcoming revenue that topped analysts’
expectation, thanks in part to strong demand for its
artificial-intelligence offerings.
They helped offset Hewlett Packard Enterprises, which slumped 12%
after reporting profit for the latest quarter that fell just short
of analysts’ expectations.
Costco sank 6.1% after the retailer reported a weaker profit for the
latest quarter than expected.
All told, the S&P 500 rose 31.68 points to 5,770.20. The Dow Jones
Industrial Average added 222.64 to 42,801.72, and the Nasdaq
composite gained 126.97 to 18,196.22.
In stock markets abroad, German stocks lost 1.8% to give back some
gains from earlier in the week sparked by a seismic shift in its
policy on debt. The traditionally debt-averse German government
appears willing to allow for much more borrowing.
Indexes also fell across much of the rest of Europe and Asia.
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AP Business Writers Matt Ott and Elaine Kurtenbach contributed.
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