(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window.)
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Indexes up: Dow 0.59%, S&P 500 0.90%, Nasdaq 1.21%
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Consumer sentiment stands at 57.9 in March
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Tesla up on report it is planning lower-cost Model Y in
Shanghai
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Bullion miners up as gold prices cross $3,000 mark
(Updates with morning prices)
By Johann M Cherian and Pranav Kashyap
March 14 (Reuters) -
U.S. stocks rose on Friday after a broad selloff on Wall
Street during the week as investors assessed the fallout of
tariff policies on economic growth, while new data signaled
deteriorating consumer sentiment and a surge in inflation
expectations.
A University of Michigan
survey showed
consumer sentiment plunged in March and inflation worries
soared. There are concerns that President Donald Trump's
sweeping tariffs, which have ignited a multi-front trade war,
would raise prices and undercut growth.
All three indexes are headed for weekly declines, with
the benchmark S&P 500 on track for its fourth consecutive week
of declines - its longest weekly losing streak in seven months.
The blue-chip Dow is approximately 9% below its recent
record high and set to record its worst week in two years, if
losses hold.
Global financial markets were roiled by volatility
through the week, with the S&P 500 tumbling into
correction territory, shedding $4 trillion. The tech-heavy
Nasdaq had already entered correction territory the
previous week.
The uncertainty arising from Trump's inconsistent tariff
policies has cast a pall over the investment outlook.
"While we may be getting used to the chaos, it still
seems as though (U.S.) policy is being delivered in a haphazard
manner," said Art Hogan, chief market strategist at B Riley
Wealth. "It's a technical bounce in an oversold market."
Trump's tariffs on metal imports prompted swift
countermeasures from Canada and the European Union this week.
The president has also hinted at the possibility of additional
reciprocal tariffs in early April.
Several brokerages downgraded their ratings on U.S. stocks
and numerous companies issued cautious forecasts, citing
economic concerns.
Investors flocked to safe-haven assets, with gold
breaching the psychological $3,000 mark for the first time ever.
U.S.-listed stocks of bullion miners rose, with Barrick Gold
gaining 1.4%, Gold Fields adding 1% and Sibanye
Stillwater up 3%.
At 10:13 a.m. ET the Dow Jones Industrial Average
rose 240.57 points, or 0.59%, to 41,054.14, the S&P 500
gained 49.88 points, or 0.90%, to 5,571.40, and the Nasdaq
Composite was up 208.84 points, or 1.21%, to 17,511.86.
The week's sharp selloff tempered stock valuations and
analysts say U.S. equities may be poised to recover.
The technology sector, which was among the top
weekly decliners, led sectoral gains by 1.5%.
Tesla edged up 0.3%. A report said the automaker
would make a lower-cost version of its best-selling Model Y in
Shanghai, aiming to regain ground lost during a price war in its
second-largest market.
The U.S. Senate was on the verge of passing a stopgap
spending bill to avert a partial government shutdown.
The central bank's policy decisions will be in the spotlight
in the coming week, with traders betting that the U.S. Federal
Reserve will leave interest rates unchanged, according to data
compiled by LSEG.
Crown Castle ( CCI ) jumped 8.4% after it said it would sell
its fiber assets to two entities for $8.5 billion, nudged by
activist investor Elliott Investment Management.
Advancing issues outnumbered decliners by a 4.49-to-1
ratio on the NYSE, and a 3.11-to-1 ratio on the Nasdaq.
The S&P 500 posted one new 52-week high and four new
lows, while the Nasdaq Composite recorded 22 new highs and 92
new lows.