Wall Street rallies to its best day in months, but that’s not enough to salvage its losing week

NEW YORK (AP) — U.S. stocks rallied to their best day in months on Friday as Wall Street’s roller coaster suddenly shot back upward. That still wasn’t enough to keep the U.S. market from a fourth straight losing week, its longest such streak since August.

The S&P 500 jumped 2.1% a day after closing more than 10% below its record for its first “ correction ” since 2023. The last time the index shot up that much was the day after President Donald Trump’s election, when Wall Street was focusing on the upsides of Trump's return to the White House.

The Dow Jones Industrial Average climbed 674 points, or 1.7%, and the Nasdaq composite jumped 2.6%.

A multi-day “relief rally could be coming” after so much negativity built among investors, said Yung-Yu Ma, chief investment officer at BMO Wealth Management. Swings in sentiment don’t go full-tilt in just one direction forever, and the U.S. stock market has been tumbling quickly since setting a record less than a month ago.

One piece of uncertainty hanging over Wall Street may be clearing after the Senate made moves to prevent a possible partial shutdown of the U.S. government.

Past shutdowns have not been a huge deal for financial markets. But any reduction of uncertainty can be helpful when so much of it has been sending the U.S. stock market on big, scary swings not just day to day but also hour to hour.

To be sure, the heaviest uncertainty remains with Trump’s escalating trade war. There, the question is how much pain Trump will let the economy endure through tariffs and other policies in order to reshape the country and world as he wants. The president has said he wants manufacturing jobs back in the United States, along with a smaller U.S. government workforce and other fundamental changes.

While stock prices may be close to finishing their reset to account for tariffs set to hit in April, Ma said concerns about how big an impact cutbacks in federal spending will have on the economy are “likely to remain for some time.”

U.S. households and businesses have already reported drops in confidence because of all the uncertainties created by Trump’s barrage of on -again, off -again tariff announcements and other policies. That’s raised fears about a pullback in spending that could sap energy from the economy.

Worries look to be only worsening among U.S. households, according to a preliminary survey released Friday by the University of Michigan. Its measure of consumer sentiment sank for a third straight month, mostly because of concerns about the future rather than complaints about the present. The job market and overall economy look relatively solid at the moment.

“Many consumers cited the high level of uncertainty around policy and other economic factors,” according to Joanne Hsu, direct of the survey, and “frequent gyrations in economic policies make it very difficult for consumers to plan for the future, regardless of one’s policy preferences.”

Such fears have Wall Street focused on whether companies are seeing the souring mood of consumers translating into real pain for their businesses.

Ulta Beauty jumped 13.7% after the beauty products retailer reported stronger profit for the latest quarter than analysts expected.

The company’s forecasts for upcoming revenue and profit fell short of analysts’ targets, but Chief Financial Officer Paula Oyibo said it wanted to be cautious “as we navigate ongoing consumer uncertainty.” Analysts said the forecasts appeared better than feared.

Gains for Big Tech stocks and companies in the artificial-intelligence industry also helped support the market. Such stocks have been under the most pressure in the recent sell-off after critics said their prices shot too high in the frenzy around AI.

Nvidia rose 5.3% to trim its loss for 2025 so far below 10%. Apple climbed 1.8% to pare its loss for the week, which at one point had been on pace to be its worst since the 2020 COVID crash.

All told, the S&P 500 rose 117.42 points to 5,638.94. The Dow Jones Industrial Average climbed 674.62 to 41,488.19, and the Nasdaq composite rallied 451.07 to 17,754.09.

In stock markets abroad, indexes rose across much of Europe and Asia.

Stocks jumped 2.1% in Hong Kong and 1.8% in Shanghai after China’s National Financial Regulatory Administration issued a notice ordering financial institutions to help develop consumer finance and encourage use of credit cards, do more to aid borrowers who run into trouble and be more transparent in their lending practices.

Economists say China needs consumers to spend more to get the economy out of its doldrums, although most have advocated broader, more fundamental reforms.

In the bond market, Treasury yields rose to recover some of their sharp recent losses. The yield on the 10-year Treasury climbed to 4.31% from 4.27% late Thursday and from 4.16% at the start of last week.

Yields have been swinging since January, when the 10-year yield was approaching 4.80%. When worries worsen about the U.S. economy’s strength, yields have fallen. When those worries lessen, or when concerns about inflation rise, yields have climbed.

AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

A pair of traders work on the floor of the New York Stock Exchange, Wednesday, March 12, 2025. (AP Photo/Richard Drew)

The German stock index DAX is pictured at the stock market in Frankfurt, Germany, Thursday, March 13, 2025. (AP Photo/Michael Probst)

The curve of the German stock index DAX is pictured at the stock market in Frankfurt, Germany, Thursday, March 13, 2025. (AP Photo/Michael Probst)

People walk past London Stock Exchange at the financial district, in London, Thursday, March 13, 2025. (AP Photo/Kin Cheung)

A man walks past London Stock Exchange at the financial district, in London, Thursday, March 13, 2025. (AP Photo/Kin Cheung)

A woman walks past the Bank of England, at the financial district, in London, Thursday, March 13, 2025. (AP Photo/Kin Cheung)

People walk past the London Stock Exchange at the financial district, in London, Thursday, March 13, 2025. (AP Photo/Kin Cheung)

A man walks past Bank of England, at the financial district, in London, Thursday, March 13, 2025. (AP Photo/Kin Cheung)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, March 14, 2025. (AP Photo/Ahn Young-joon)

Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, March 14, 2025. (AP Photo/Ahn Young-joon)

A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, March 14, 2025. (AP Photo/Ahn Young-joon)

FOXBOROUGH, Mass. (AP) — Drake Maye threw a touchdown pass to Hunter Henry in the fourth quarter, and New England's defense roughed up Justin Herbert as the Patriots beat the Los Angeles Chargers 16-3 in an AFC wild-card playoff game on Sunday night.

Andy Borregales kicked three field goals for the Patriots (15-3), who won a playoff game for the first time since their Super Bowl victory to cap the 2018 season. They’ll host the winner of Monday night’s game between Pittsburgh and Houston in the divisional round.

In his first career playoff game, Maye completed 17 of 29 passes for 268 yards and ran for a team-high 66 yards. He also threw an interception and lost a fumble, but the Chargers (11-7) couldn't capitalize on those turnovers.

New England held the Chargers to 207 yards of offense and sacked Herbert six times, with one of those resulting in a lost fumble that set up the Patriots' TD.

“How about our defense, man? Congrats to the defense,” Maye said. “What a night. It was so fun to watch.”

This is the second straight season in which the Chargers have lost in the wild-card round. Herbert finished 19 of 31 for 159 yards and was his team's leading rusher with 57 yards as he fell to 0-3 in the playoffs.

The Chargers last failed to score a TD in a playoff game in their 21-12 AFC championship game loss to the Patriots during the 2007 season.

The Patriots drove into the red zone on their first possession of the third quarter, but the drive ended when Maye was strip-sacked by Odafe Oweh and De'Shawn Hand recovered for the Chargers.

After Los Angeles punted, Maye connected on a pass to Kayshon Boutte that went for 42 yards to set the Patriots up on the Chargers 27. But New England settled for a 39-yard field goal that stretched their lead to 9-3.

Early in the fourth quarter, Maye used a 16-yard pass to Boutte and a 13-yard burst by Rhamondre Stevenson to set up his precise 28-yard TD toss to Henry that put the Patriots in front 16-3.

The Chargers picked up back-to-back first downs to open their ensuing drive. But when Herbert dropped back to pass on the next play, linebacker K’Lavon Chaisson strip-sacked him and fell on loose ball.

Los Angeles had one final possession, but it ended with Herbert getting sacked by Milton Williams on fourth down.

The opening quarter had lots of action, but it took until early in the second quarter for the Patriots to end a scoreless stalemate.

With New England pinned inside its own 10 after a Chargers punt, Maye had a pass intended for Austin Hooper tipped by Teair Tart and intercepted by Daiyan Henley.

Los Angeles started with the ball on the Patriots 10 but was stopped on fourth-and-2 when Herbert misfired a pass to Keenan Allen.

The Patriots took over and got some breathing room via a 48-yard catch-and-run by Stevenson.

Thirteen plays and a fourth-down conversion later, the drive ended with Borregales' 23-yard field goal.

Patriots: CB Carlton Davis left in the first half with a toe injury but returned. ... CB Christian Gonzalez left in the second half with a head injury.

Chargers: End of season.

Patriots: Host either Houston or Pittsburgh next Sunday.

AP NFL: https://apnews.com/hub/nfl

New England Patriots defensive end Milton Williams (97), linebacker Christian Elliss (53) and linebacker Robert Spillane (14) celebrate Williams' sack of Los Angeles Chargers quarterback Justin Herbert (10) in the second half of an NFL wild-card playoff football game in Foxborough, Mass., Sunday, Jan. 11, 2026. (AP Photo/Charles Krupa)

New England Patriots quarterback Drake Maye, left, avoids a tackle by Los Angeles Chargers linebacker Khalil Mack (52) in the second half of an NFL wild-card playoff football game in Foxborough, Mass., Sunday, Jan. 11, 2026. (AP Photo/Charles Krupa)

Los Angeles Chargers quarterback Justin Herbert (10) passes in the first half of an NFL wild-card playoff football game against the New England Patriots, in Foxborough, Mass., Sunday, Jan. 11, 2026. (AP Photo/Robert F. Bukaty)

New England Patriots linebacker Anfernee Jennings (33) celebrates a tackle in the first half of an NFL wild-card playoff football game against the Los Angeles Chargers, in Foxborough, Mass., Sunday, Jan. 11, 2026. (AP Photo/Robert F. Bukaty)

Los Angeles Chargers quarterback Justin Herbert (10) is sacked by New England Patriots linebacker Anfernee Jennings, rear, in the second half of an NFL wild-card playoff football game in Foxborough, Mass., Sunday, Jan. 11, 2026. (AP Photo/Charles Krupa)

New England Patriots quarterback Drake Maye (10) avoids a tackle by Los Angeles Chargers linebacker Khalil Mack (52) in the first half of an NFL wild-card playoff football game in Foxborough, Mass., Sunday, Jan. 11, 2026. (AP Photo/Charles Krupa)