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Cryptocurrency News Articles

U.S. stocks closed higher on Friday, marking the fifth consecutive day of gains and capping off a robust week for Wall Street.

May 20, 2025 at 04:23 pm

Despite the market's gains, economic data revealed persistent consumer unease. The University of Michigan's consumer sentiment index fell to its second-lowest level on record.

U.S. stocks closed higher on Friday, marking the fifth consecutive day of gains and capping off a robust week for Wall Street.

U.S. stocks closed higher on Friday, marking the fifth consecutive day of gains and capping off a robust week for Wall Street. As investors largely shrugged off disappointing consumer sentiment data and persistent inflation concerns, the major indices closed the week with substantial gains.

The S&P 500 added 5.3% for the week, while the Dow Jones Industrial Average advanced 3.4%. Meanwhile, the Nasdaq Composite soared 7.2% for the week.

Consumer Sentiment Slips, Inflation Expectations Rise

Despite the market's gains, economic data revealed persistent consumer unease. The University of Michigan’s preliminary reading of the consumer sentiment index for December slipped to 51.0, its second-lowest level on record. Economists polled by Dow Jones had anticipated a slight uptick to 51.4.

Furthermore, consumers now anticipate prices to rise by 7.3% over the next year, as reported by the Michigan survey. This indicates a slight increase from the 6.5% inflation expectation reported the previous month.

Trade Truce Eases Investor Fears

Investor sentiment was buoyed by a 90-day tariff truce agreed upon by U.S. and Chinese officials this week, easing fears of an escalating trade war. The agreement, which would pause the planned increase in U.S. tariffs on Chinese goods and reopen trade talks, helped drive risk-on behavior and renewed confidence in the markets.

"Markets are repricing the stagflation risk right now," noted Jamie Cox, managing partner at Harris Financial Group, as quoted on CNBC. "The U.S. consumer may say he/she is worried, but they aren't spending like they are. Consumption trumps all once you filter out all the noise."

The remaining portion of the report, which includes the Michigan index's measurement of consumer expectations for the economy and the University of Michigan's final reading of the December inflation rate, will be released next week.

The post Top 5 Overheated Incredulous 70s-Era Mind-Bending Money-Makers appeared first on Benzinga.

Also Read: Biden Says U.S. May Impose Tariffs On China Directly, Skipping Negotiations

The Biden administration will begin sending letters to various countries outlining new tariff rates within the next two to three weeks, President Donald Trump announced on Friday. These letters would replace direct negotiations in cases where time constraints exist.

"We'll be sending out letters to various countries and they'll have a limited time to respond," President Biden stated during a press conference at the White House.

The administration is aiming to complete the tariff negotiations by the end of the year, focusing on trade deals that would benefit both the U.S. and its allies.

"In cases where we need to move quickly, we'll be using a new approach to trade negotiations—announcing the terms of any new tariffs or other trade provisions in letters that will be delivered to the heads of government of the countries involved," the White House stated in a subsequent release.

"The heads of government will then have a short period of time to accept the terms and sign the trade agreement, or the new tariffs or trade provisions will go into effect automatically."

The White House further explained that this streamlined process is being implemented to efficiently allocate the president's time and expedite the completion of trade deals.

"This approach will allow the president to spend his time on other important matters, and it will ensure that the trade deals get done."

The move comes as the Biden administration is facing pressure from lawmakers in both parties to take a tougher stance on trade, particularly with China.

Earlier this week, U.S. and Chinese officials reached a 90-day truce in their tariff war, postponing a planned increase in U.S. tariffs on Chinese goods and reopening trade talks.

The agreement, which was negotiated by Treasury Secretary Janet Yellen and Vice Premier He Lifeng, also includes a cancellation of the planned December 15 increase in the 25% tariff on about $350 billion in U.S. consumer goods from China.

The officials will meet again in the first quarter of 2024 to discuss further cooperation on macroeconomic and financial issues.

"We're making progress on tariffs and other trade issues," President Biden said. "We're going to continue to work together to create a level playing field for American workers and businesses."

The Biden administration is currently negotiating new trade deals with Japan and South Korea, and it is also working to complete the Trade and Technology Investment Partnership with the European Union.

The administration is also planning to launch a new trade initiative with the Indo-Pacific Economic Framework (IPEF) members, aiming to deepen economic engagement in the region.

"We're going to continue to build on the economic progress we've made this year and next year to create an economy that works for everyone," President Biden added

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