By Connor Smith

Photo Finish. The stock market overcame a steep early slide to mostly finish higher. All three major indexes marked a weekly gain for the first time in six weeks.

The S&P 500 rose 0.1%, while the Nasdaq Composite gained 0.2%. The Dow Jones Industrial Average dropped 61 points, or 0.1%.

The big three didn't just snap five-week losing streak: They posted their best weekly gains since the week of Thanksgiving.

While today's numbers look pedestrian, it's about where the indexes came from: The Nasdaq was down nearly 2.2% at its low on Thursday, while the S&P was down 1.5%. For the Nasdaq, that's the largest reversal from an intraday low to positive territory since April 7, 2025.

Today was actually the one-year anniversary of President Donald Trump's "Liberation Day" tariff announcement that roiled markets. Just like April of last year, the market was reacting to comments from the president this morning.

The market rallied heading into the president's Wednesday evening speech, as Wall Street sought to get ahead of a potential peace rally. But the president mostly repeated familiar talking points and failed to deliver reassurances that the war, and the spike in oil prices, would be over soon.

"Hopes for a quick wind-down of the Iran war faded, contrary to the wishful market action earlier in the week," writes Rosenberg Research's David Rosenberg. "Trump did not provide any off-ramp from the escalation path in the ongoing war. Instead, rhetoric has become harsher, and the path away from a rapid escalation is now largely closed."

Oil prices surged overnight which initially sent stocks tumbling to their lows. Though stocks managed to rally into the end of the holiday shortened week, U.S. oil prices had a record day. More on that below.

Review & Preview will be off on Friday, with the stock market closed for Good Friday. We'll see you Monday evening.

The Hot Stock: SBA Communications +19.0% The Biggest Loser: Tesla -5.4%

Best Sector: Real Estate +1.5% Worst Sector: Consumer Discretionary -1.5%

A Big Day for U.S. Oil Prices

Forget about U.S. hockey's wins over Canada at the Winter Olympics: It's all about West Texas Intermediate over Brent.

WTI, the U.S. benchmark, soared 11%, or $11.42, to $111.54 a barrel. That's the biggest dollar jump on record for the most-active WTI contract, according to Dow Jones Market Data.

Though Brent crude, the international benchmark, also spiked 3.5%, or $3.71, its settlement value of $109.03 put it lower than WTI for the first time since May 18, 2022, according to Dow Jones Market Data.

My colleagues George Glover, Callum Keown, and Anita Hamilton explain why that is:

The shift is mainly down to timing. The WTI market is still trading the May contract as the soonest delivery month, while the Brent market has already rolled over to June. Because investors still aren't sure how long the war will last, they're pricing in more supply disruption in May than in June.

Buyers may also be scrambling for oil that is available immediately and outside the zone disrupted by the war in the Middle East. U.S. crude fits that need, driving up demand for WTI-linked barrels.

Trump urged other countries to "buy from the U.S., we have plenty," in a social media post about nations struggling to get jet fuel as a result of the Strait of Hormuz blockage, earlier this week.

George, Callum, and Anita note that WTI was trading at a $20 discount to Brent just two weeks ago. Talk about a comeback! Although, for Americans feeling pain at the pump, you'd rather see lower numbers across the globe.

You can read more from Barron's on what's next for oil prices here.

The Calendar

Equity markets are closed tomorrow in observance of Good Friday. The bond market closes early, at 12 p.m. Eastern time.

The Bureau of Labor Statistics releases the jobs report for March.

What We're Reading Today

   -- Trump Slaps 100% Tariffs on Some Drug Imports. What to Know. 
 
   -- Blue Owl Capital Stock Falls. Investors Are Pulling Funds. 
 
   -- Meet the Next Generation of Dividend Aristocrats 
 
   -- Super Micro Stock Rises as AI Chip-Smuggling Case Takes Another Twist 
 
   -- Amazon to Boost Fuel Surcharges on Third-Party Sellers as Costs Rise 
 
   -- The Iran War Halted Korea's Hot Streak. Regaining Momentum Will Be Hard. 

Barron's Live returns on Monday. Barron's Live features timely and actionable insights for investors. We give you behind-the-scenes conversations with the newsroom, connecting you with our editors and reporters covering the markets, the economy, and more.

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(END) Dow Jones Newswires

April 02, 2026 19:50 ET (23:50 GMT)

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