As the stock market made all its losses after Trump increased the trade war

It felt much longer, but the US market market needed only a few weeks to go back to the “Liberation Day” of President Donald Trump. It is then whenShocked Wall Streetadvertisermuch more steep ratesof what was expected to almost all trade members in the United States.

These rates presented on April 2 were so serious that they raised the fears that Trump did not worry about provokingA recessionIn its attempt to remodel the global economy. In just four days, the S&P 500fell around 12%and the Dowry The industrial average of Jones lost about 4,600 points, or approximately 11%.

Last Friday, however, the S&P 500accumulated 1.5% for a consecutive ninth gainAnd he headed to where he was on April 2.

Of course, the index to the heart of many accounts of 401 (K) is still more than 7% below its maximum in the beginning of this year. And actions could be easily fallen again, as uncertainty is still high about what Trump’s rates will finally make the economy. But the race for the stocks of us upwards has been as wild and unexpected as its fall. Here is a look at what happened:

The pause

On April 9, Trump announced on social media a “90 -day pause” for most of the rates he had announced a week earlier, except for China. The S&P 500 increased 9.5% in one of its best days. Even this good news came with a little controversy:hours before he announced the pauseTrump proclaimed on social truth that “is a good time to buy”.

Designation

The weeks after the pause were a roller coaster. Trump talked about negotiating tariffs with commercial partners, while also using rates to force companies to move manufacturing to the United States, two goals that are apparently disagreed with others. The market found relief in which the Treasury Secretary was known as the de -escalation between the United States and China. Investors also welcomed Trump’s movements to easeRates to Autosas well as smartphones and other electronics.

Bonds and the Buck

The severity of the U.S. Market of Securities Market after the day of liberation surprised some market observers. They had meant that Trump would go back to policies that harm the industrial average of Dow Jones. This is a president, after all, who repeatedly fell during the first term on how the Dow went.

But it was fear in other financial markets that may have forced Trump’s hand. U.concerns raisedThat the United States Treasure Market lost its state as the safest place in the world to keep cash. The US valueThe dollar also sankIn another signal of decreasing faith in the United States as a safe refuge for investors.

Trump himself said he had realized how bond investors were “somewhat annoying” before pausing.

The economy

Economists and investors had to reconcile contradictory signals about the economy. Consumer polls showed a decrease in confidence, largely due to the uncertainty created by Trump’s trade policy. But what investors call “hard data”, such as employment numbers, indicated that the economy was still well. From Friday, when the government saidEntrepreneurs had added 177,000 jobsIn April, hard numbers seemed to have an advantage over weak feeling.

The Fed

The Federal Reserve reduced the rates three times by the end of 2024, but then implemented its own pause, while keeping the rates constant, in part to evaluate the impact of Trump’s trade policy. The strong job report seemed to give the Fed Selection to maintain the rates where they are at the moment, despite the fact that Trump repeated its call for cuts, but the market is still looking for 3 cuts before the end of the year.

Many benefits

Through all the market tumult, North -American companies have continued to give benefits reports for the start of the year that have exceeded analysts. Actions prices often follow the long -term profits, and this is given a significant boost to the market.

Three out of four S&P 500 companies have exceeded expectations for analysts in recent weeks, including heavy market weights such asMicrosoft and Meta Platforms. According to the Factset.

To be safe

Even when companies have gained benefits thicker than expected,Many have also warned that they are not safeIf it can last. Delegated directors have dropped or withdrawing their financial forecasts during the year, given the entire uncertainty on how Trump’s rates will end.

United AirlinesHe even made the unusual movement to offer two separate forecasts for the year: one if there is a recession and one, if not.

The Trump’s nine -new rates focus had made this most volatile period for the market since the start of pandemic. The pause is in the fourth week and the administration has not yet announced an agreement with any of the North -American commercial partners. From its recent comments, Trump is still in the rates, so the pause could prove that this is.

“We have already seen how the financial markets will react if the administration is moving forward with its initial rate plan, so that unless they have a different attack in July when the 90 -day break expires, we will see similar market shares in the first week of April,” said Chris Zaccarelli, Northlight Management Investment Director.

This story originally presented to Fortune.com

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