US stocks jump and the bond market swings to cap Wall Street’s chaotic and historic week

NEW YORK (AP) — U.S. stocks jumped Friday in another manic day on Wall Street, while the falling value of the U.S. dollar and other swings in financial markets suggested fear is still high about escalations in President Donald Trump’s trade war with China.

The S&P 500 rallied 1.8%, after veering repeatedly between gains and losses, to cap a chaotic and historic week full of monstrous swings. The Dow Jones Industrial Average went from an early loss of nearly 340 points to a gain of 810 before settling at a rise of 619 points, or 1.6%, while the Nasdaq composite jumped 2.1%.

Stocks kicked higher as pressure eased a bit from within the U.S. bond market. It’s typically the more boring corner of Wall Street, but it’s been flashing serious enough signals of worry this week that it’s demanded investors' and Trump’s attention.

The yield on the 10-year Treasury topped 4.58% in the morning, up from 4.01% a week ago. That’s a major move for a market that typically measures things in hundredths of a percentage point. Such jumps can drive up rates for mortgages and other loans going to U.S. households and businesses, which would slow the economy, and they can indicate stress in the financial system.

But Treasury yields eased back as the afternoon progressed, and the 10-year yield regressed to 4.48%. That’s still higher than the day before, but not by as eye-wateringly much.

Susan Collins, president of the Federal Reserve Bank of Boston, told the Financial Times that the Fed “would absolutely be prepared” if markets become disorderly and “does have tools to address concerns about market functioning or liquidity should they arise.”

Several reasons could be behind this week’s jump in U.S. Treasury yields, which is unusual because yields typically fall when fear is high.

Investors outside the United States could be selling their U.S. bonds because of the trade war, and hedge funds could be selling whatever’s available in order to raise cash to cover other losses. More worryingly, doubts may be rising about the United States’ reputation as the world’s safest place to keep cash because of Trump’s frenetic, on-and-off tariff actions.

The value of the U.S. dollar also fell again Friday against everything from the euro to the Japanese yen to the Canadian dollar.

Gold, however, lived up to its reputation as a safer haven for investors and saw its price rise to another record.

The shaky trading came after China announced Friday that it was boosting its tariffs on U.S. products to 125% in the latest tit-for-tat increase following Trump’s escalations on imports from China.

The repeated U.S. tariff increases “on China has become a numbers game, which has no practical economic significance, and will become a joke in the history of the world economy,” a Finance Ministry spokesman said in a statement announcing the new tariffs. “However, if the US insists on continuing to substantially infringe on China’s interests, China will resolutely counter and fight to the end.”

Rising tensions between the world’s two largest economies could cause widespread damage and a possible global recession, even after Trump recently announced a 90-day pause on some of his tariffs for other countries, except for China.

All the uncertainty caused by the trade war is eroding confidence among U.S. shoppers, which could affect their spending and translate into damage for the economy, which came into this year running at a solid rate.

A preliminary survey by the University of Michigan suggested sentiment among U.S. consumers is falling even more sharply than economists expected. “This decline was, like the last month’s, pervasive and unanimous across age, income, education, geographic region, and political affiliation,” according to the survey’s director, Joanne Hsu.

“We remain in the early innings of this global trade regime change, and while the 90-day pause on reciprocal tariffs temporarily reversed the market selloff, it does prolong uncertainty,” according to Darrell Cronk, president of Wells Fargo Investment Institute.

That’s why many on Wall Street are prepared for more swings to hit markets. This past week began with huge swings for U.S. stocks within each day as rumors swirled and then got batted down about a possible 90-day pause on Trump’s tariffs. Then the U.S. stock market surged to one of its best days in history after Trump did deliver a pause, before swinging to end the week.

All told, the S&P 500 rose 95.31 points Friday to 5,363.36. The Dow Jones Industrial Average climbed 619.05 to 40,212.71, and the Nasdaq composite climbed 337.14 to 16,724.46.

Friday’s swings came after a set of stronger-than-expected profit reports from some of the biggest U.S. banks, which traditionally help kick off each earnings reporting season.

JPMorgan Chase, Morgan Stanley and Wells Fargo all reported stronger profit for the first three months of the year than analysts expected. JPMorgan Chase rose 4%, Morgan Stanley added 1.4% and Wells Fargo lost 1%.

Another report on inflation also came in better than expected. That could give the Federal Reserve more leeway to cut interest rates if it feels the need to support the economy.

But Friday’s report on inflation at the wholesale level was backward looking, measuring March’s price levels. The worry is that inflation will rise in coming months as Trump’s tariffs make their way through the economy. And that could tie the Fed’s hands.

The University of Michigan’s survey suggested U.S. consumers are bracing for inflation of 6.7% in the year ahead. That’s the highest forecast since 1981, and such expectations can create a feedback loop that pushes inflation higher.

In stock markets abroad, indexes were scattershot around the world. Germany’s DAX lost 0.9%, but the FTSE 100 in London added 0.6% as the government reported the economy, the world’s sixth largest, enjoyed a growth spurt in February. Japan’s Nikkei 225 dropped 3%, while Hong Kong’s Hang Seng climbed 1.1%.

AP writers Jiang Junzhe and Elaine Kurtenbach contributed.

Options trader Steven Rodriguez, right, tears pages out of notepad as fellow trader Ed Nagle watches, on the floor of the New York Stock Exchange, Friday, April 11, 2025. (AP Photo/Richard Drew)

A pair of options traders work on the floor of the New York Stock Exchange, Friday, April 11, 2025. (AP Photo/Richard Drew)

Specialist Peter Giacchi, left, and trader Edward Curran work on the floor of the New York Stock Exchange, Friday, April 11, 2025. (AP Photo/Richard Drew)

Trader Robert Charmak, left, works on the floor of the New York Stock Exchange, Friday, April 11, 2025. (AP Photo/Richard Drew)

Specialist Alexander Weitzman works at his post on the floor of the New York Stock Exchange, Friday, April 11, 2025. (AP Photo/Richard Drew)

Specialist Anthony Matesic works at his post on the floor of the New York Stock Exchange, Friday, April 11, 2025. (AP Photo/Richard Drew)

Vincent Napolitano works on the floor of the New York Stock Exchange, Friday, April 11, 2025. (AP Photo/Richard Drew)

Specialist Thomas McArdle, right, works at his post on the floor of the New York Stock Exchange, Friday, April 11, 2025. (AP Photo/Richard Drew)

Trader Patrick Casey, left, and specialist Jamie Denaro work on the floor of the New York Stock Exchange, Friday, April 11, 2025. (AP Photo/Richard Drew)

Specialist Thomas Schreck, left, talks with a colleague on the floor of the New York Stock Exchange, Friday, April 11, 2025. (AP Photo/Richard Drew)

Trader Drew Cohen, right, works on the floor of the New York Stock Exchange, Friday, April 11, 2025. (AP Photo/Richard Drew)

Currency traders watch 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, April 11, 2025. (AP Photo/Ahn Young-joon)

A currency trader reacts 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 at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, April 11, 2025. (AP Photo/Ahn Young-joon)

A board above the trading floor of the New York Stock Exchange shows the closing number for the Dow Jones industrial average, Thursday, April 10, 2025. (AP Photo/Richard Drew)

A board above the trading floor of the New York Stock Exchange shows the closing number for the Dow Jones industrial average, Thursday, April 10, 2025. (AP Photo/Richard Drew)

A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), top center 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, April 11, 2025. (AP Photo/Ahn Young-joon)

Traders Ryan Falvey, left, and Patrick Casey work on the floor of the New York Stock Exchange, Thursday, April 10, 2025. (AP Photo/Richard Drew)

Trader Jason Flaherty works on the options floor on the floor of the New York Stock Exchange, Thursday, April 10, 2025. (AP Photo/Richard Drew)

Trader Matt Chellock works on the floor of the New York Stock Exchange, Thursday, April 10, 2025, New York. (AP Photo/Richard Drew)

Specialist Michael Pistillo, left, and trader Thomas Ferrigno work on the floor of the New York Stock Exchange, Thursday, April 10, 2025. (AP Photo/Richard Drew)

Traders Bryan Masseria, left and Columb Lytle work on the floor of the New York Stock Exchange, Thursday, April 10, 2025. (AP Photo/Richard Drew)

Trader Fred Demarco, right, works on the floor of the New York Stock Exchange, Thursday, April 10, 2025. (AP Photo/Richard Drew)

Specialist Michael Gagliano works at his post on the floor of the New York Stock Exchange, Thursday, April 10, 2025. (AP Photo/Richard Drew)

A pair of traders work on the floor of the New York Stock Exchange, Thursday, April 10, 2025. (AP Photo/Richard Drew)

Traders work on the floor of the New York Stock Exchange, Thursday, April 10, 2025. (AP Photo/Richard Drew)

Trader John Bishop works on the floor of the New York Stock Exchange, Thursday, April 10, 2025. (AP Photo/Richard Drew)

Specialist Gregg Maloney works at his post on the floor of the New York Stock Exchange, Thursday, April 10, 2025, in New York. (AP Photo/Richard Drew)

Trader Phil Fralassini works on the options floor of the New York Stock Exchange, Thursday, April 10, 2025. (AP Photo/Richard Drew)

Trader Peter Herits, center, works on the options floor of the New York Stock Exchange, Thursday, April 10, 2025. (AP Photo/Richard Drew)

Trader Jonathan Mueller works on the floor of the New York Stock Exchange, Thursday, April 10, 2025. (AP Photo/Richard Drew)

MINNEAPOLIS (AP) — Already shaken by the fatal shooting of a woman by an immigration officer, Minnesota's Twin Cities on Sunday braced for what many expect will be a new normal over the next few weeks as the Department of Homeland Security carries out what it called its largest enforcement operation ever.

In one Minneapolis neighborhood filled with single-family homes, protesters confronted federal agents and attempted to disrupt their operations by blowing car horns and whistles and banging on drums.

There was some pushing and several people were hit with chemical spray just before agents banged down the door of one home on Sunday. They later took one person away in handcuffs.

“We’re seeing a lot of immigration enforcement across Minneapolis and across the state, federal agents just swarming around our neighborhoods,” said Jason Chavez, a Minneapolis city councilmember. “They’ve definitely been out here.”

Chavez, the son of Mexican immigrants who represents an area with a growing immigrant population, said he is closely monitoring and gathering information from chat groups about where residents are seeing agents operating.

While the enforcement activity continues, two of the state’s leading Democrats said on Sunday that the investigation into shooting death of Renee Good shouldn’t be overseen solely by the federal government.

Minneapolis Mayor Jacob Frey and U.S. Sen. Tina Smith both said in separate interviews Sunday that state authorities should be included in the investigation because the federal government has already made clear what it believes happened.

“How can we trust the federal government to do an objective, unbiassed investigation, without prejudice, when at the beginning of that investigation they have already announced exactly what they saw — what they think happened," Smith said on ABC’s "This Week."

The Trump administration has defended the officer who shot Good in her car, saying he was protecting himself and fellow agents and that Good had “weaponized” her vehicle.

Homeland Security Secretary Kristi Noem dismissed complaints from Minnesota officials about local agencies being denied any participation in the investigation during an interview with CNN.

“We do work with locals when they work with us,” she said, criticizing the Minneapolis mayor and others for not assisting Immigration and Customs Enforcement operations.

Frey and Noem each pointed fingers at the other for their rhetoric after Good's killing, and each pushed their own firm conclusions about what video of the incident shows. The mayor stood by his assertions that videos show “a federal agent recklessly abusing power that ended up in somebody’s dying.”

“Let’s have the investigation in the hands of someone that isn’t biased," Frey said on NBC’s “Meet the Press.”

The killing of Good on Wednesday by an ICE officer and the shooting of two people by federal agents in Portland, Oregon, led to dozens of protests across the country over the weekend.

Thousands of people marched in Minneapolis on Saturday where Homeland Security called its deployment of immigration officers in the Twin Cities its biggest ever immigration enforcement operation.

Associated Press journalists Thomas Strong in Washington, Bill Barrow in Atlanta, and John Seewer in Toledo, Ohio, contributed.

Bystanders react after a man was detained by Immigration and Customs Enforcement (ICE) agents during a traffic stop, Sunday, Jan. 11, 2026, in Robbinsdale, Minn. (AP Photo/John Locher)

People stand near a memorial at the site where Renee Good was fatally shot by an ICE agent, Sunday, Jan. 11, 2026, in Minneapolis. (AP Photo/Jen Golbeck)

A man looks out of a car window after being detained by Immigration and Customs Enforcement (ICE) agents during a traffic stop, Sunday, Jan. 11, 2026, in Robbinsdale, Minn. (AP Photo/John Locher)

Border Patrol agents detain a man, Sunday, Jan. 11, 2026, in Minneapolis. (AP Photo/Adam Gray)

People shout toward Border Patrol agents making an arrest, Sunday, Jan. 11, 2026, in Minneapolis. (AP Photo/Adam Gray)

Demonstrators protest outside the White House in Washington, Saturday, Jan. 10, 2026, against the Immigration and Customs Enforcement agent who fatally shot Renee Good in Minneapolis. (AP Photo/Jose Luis Magana)

Minneapolis Mayor Jacob Frey holds a news conference on Saturday, Jan. 10, 2026, in Minneapolis. (AP Photo/Jen Golbeck)

Protesters react as they visit a makeshift memorial during a rally for Renee Good, who was fatally shot by an ICE officer earlier in the week, Saturday, Jan. 10, 2026, in Minneapolis. (AP Photo/John Locher)