Dow Jones rebounds 399 points, Wall Street surges ahead of Powell's testimony

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The S&P 500 stock posting the largest daily percentage loss ahead of the close Wednesday was Frontier Communications Corp.

The gains on Friday came as investors who had been spooked by the prospect of a global trade war backed off those concerns and noted a trade war was far from certain at this point.

He took to Twitter to defend his promise from Thursday to impose stiff tariffs on imports of steel and aluminum, saying that the United States is losing on trade with virtually every country and that "trade wars are good" and "easy to win".

As a candidate, Trump campaigned on an "America First" trade policy, and a big fear for investors has been that increasingly nationalistic governments will impose barriers that hurt the global economy and trade, as well as profits for USA exporters. The chief executive officer of the marijuana producer said the company would list on the U.S. Nasdaq exchange "in due course".

"For a real estate guy like that, you pound the podium, you rattle some sabers, you get everybody's attention and then you negotiate back to some reasonable midpoint".

US steel companies rose - shares in Nucor, the biggest electric arc furnace maker saw a 3.5% rise, while US Steel shares ended 5.7% higher, while AK Steel was up 9.4%.

Retailer shares were among the bright spots of the day.

FCA US, the USA unit of Fiat Chrysler Automobiles NV (FCA) sales fell 1% in February to 168,326 vehicles.

UK's May Stresses Need to Abstain From Hard Border Between UK, Ireland
All eyes will be on the British Prime Minister this afternoon as she delivers a keynote speech on Brexit . May also rejected talk within the fringes of her own party over how to handle the Irish border issue.

Shares in L Brands Inc.(LB) tumbled 10% after the Victoria's Secret parent late Wednesday gave a quarterly outlook that appeared to disappoint Wall Street (

The S&P 500 slid 1.4 percent as of 3:45 NY, while gauges of mid- and small-cap stocks had losses one-third the size.

The S&P 500 slid 31 points, or 1.1%, to 2,714.

On Tuesday, Powell gave an upbeat view on the USA economy and said data had strengthened his confidence on inflation.

And on the earnings side, Thursday will be retail-heavy with highlights expected from Kohl's (KSS), Best Buy (BBY), Nordstrom (JWN), Gap (GPS), and gunmaker American Outdoor Brands (AOBC). The stock was the biggest drag on the S&P and the Dow.

Steel producer Stelco Holdings Inc fell 6.3 percent to C$23.96.

Declining issues outnumbered advancing ones on the NYSE by a 2.55-to-1 ratio; on Nasdaq, a 2.65-to-1 ratio favored decliners.

By 13:09 p.m. ET, all the major sectors in the S&P 500 were down in response along with 29 of the 30 components of the Dow Industrial Average.