US stocks close higher; oil drops amid recession fears, trade talks
By Stephen
Culp
April 29, 2025 4:34 PM
It was right at 1 pm that all three indexes started moving straight up after straddling flat all morning. In a market that’s desperate for any hint of good news, that little hint from Bessent of potential progress in trade talks must have come at 1 pm. But the fact that the bulk of the gains went to the Dow with a handsome 3-digit advance also indicates that it’s still risk-off. There was also good news on Trump’s announcement that the automobile tariffs were being scaled back a bit.
This is also going to be a big week for the Magnificent Seven with Meta, Microsoft, Amazon and Apple all reporting, though consumer confidence has fallen below estimates and job openings are down 3.9%. But tariff news, any tiny bit of tariff news, is what’s driving the market. Canada’s abject rebuff of Trump policies is another factor to contend with. Per the CBOE, volume was 20.4 billion, for a change right in line with the current 19.26 average.
DJ: 40,227.59 +114.09 NAS: 17,366.13
-16.81 S&P: 5,528.75
+3.54 4/28
DJ: 40,527.62 +300.03 NAS: 17,461.32
+95.19 S&P: 5,560.82
+32.07 4/29
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