By Katy Barnato

With the threat of a government shutdown receding, stocks wrapped up a tough week with a rally.

Stocks opened higher and gained steam later Friday morning. By the close, the Dow Jones Industrial Average had risen 675 points, about 1.7%. The S&P 500 added 2.1% and the Nasdaq Composite led the way with a 2.6% gain.

On Thursday, new tariff threats and mixed inflation news pushed the S&P 500 into its first correction since late 2023. Despite Friday's gains, the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite ended the week down more than 2%.

Late Thursday, Senate Minority Leader Chuck Schumer moved to take the threat of a shutdown off the table, saying he would vote to advance a Republican measure to fund the government through the rest of the year.

The fear trade still has legs, though. Gold prices topped $3,000 a troy ounce late Thursday for the first time and ended Friday at a fresh record just below the milestone. Meanwhile, oil prices ended higher to avoid an eighth consecutive weekly decline.

Meanwhile, the University of Michigan's index suggested consumer sentiment sank further this month, reflecting increasing unease over President Trump's tariff policy and its potential to drive inflation higher.

As of late Friday:

Benchmark Treasury yields rose to 4.307% from 4.275% Thursday.

Asian and European stocks mostly gained, and China's CSI 300 index closed at its highest level of 2025. China is expected to announce plans as soon as Monday to shore up its economy.

Bitcoin prices rose to about $84,600, lifting crypto-sensitive stocks such as Robinhood, MicroStrategy and Coinbase.

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(END) Dow Jones Newswires

March 14, 2025 16:15 ET (20:15 GMT)

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