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Stock Rally Powers On, Alphabet Jumps on Earnings: Closing Bell
Posted
April 24, 2025
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11:26Now PlayingWall Street investors weighing the impacts of Donald Trump’s trade war on Corporate America sent stocks climbing amid bets the Federal Reserve could cut rates sooner than anticipated to prevent a recession.
The S&P 500 rose 2% to the highest since the day Trump announced his tariff offensive. The president said the US is talking with China on trade despite Beijing’s denial. In late hours, Alphabet Inc. jumped on solid earnings. Intel Corp. gave a weak forecast. Bond yields slid on wagers Fed Chair Jerome Powell will be under pressure to ease policy if the labor market unravels.
In an interview with Bloomberg Television, Fed Governor Christopher Waller said he’d support rate cuts in the event aggressive tariff levels hurt the jobs market. Fed Bank of Cleveland President Beth Hammack told CNBC the central bank could move on rates as early as June if it has clear evidence of the economy’s direction.
“While the Fed has maintained a cautious approach to monetary easing, we believe it will be willing and able to respond to signs of economic weakness, especially rising layoffs,” said Ulrike Hoffmann-Burchardi at UBS Global Wealth Management.
Trump’s tariffs are more likely to hurt growth than spur inflation, Myles Bradshaw at JPMorgan Asset Management told Bloomberg Television. He expects the US central bank will eventually need to cut rates more aggressively, having kept policy on hold for longer.
Comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Scarlet Fu, Carol Massar and Tim Stenovec.
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