Most of Wall Street Ticks Higher Thursd04/17 09:56

   Most U.S. stocks are ticking higher Thursday in the final day of trading for 
their holiday-shortened week.

   NEW YORK (AP) -- Most U.S. stocks are ticking higher Thursday in the final 
day of trading for their holiday-shortened week.

   The S&P 500 was up 0.2% in early trading, and a recovery for tech stocks 
following their selloff from the day before helped nudge the Nasdaq composite 
up 0.1%, as of 9:35 a.m. Eastern time.

   The Dow Jones Industrial Average was down 522 points, or 1.3%, but that was 
mostly because of just one company, UnitedHealth Group, which reeled following 
a weaker-than-expected profit report.

   The U.S. bond market also held steadier, as it has for much of this week 
following last week's scary swerves. Those unusual moves last week had raised 
concerns that President Donald Trump's trade war may be causing investors 
worldwide to lose faith in U.S. investments as the world's safest.

   Technology stocks rose after global heavyweight Taiwan Semiconductor 
Manufacturing Co. reported a profit for the latest quarter that matched 
analysts' expectations. Perhaps more importantly, it also said it hasn't seen a 
drop-off in activity from its customers because of Trump's tariffs, as some 
other companies have suggested.

   Still, the company known as TSMC was cautious. "While we have not seen any 
changes in our customers' behavior so far, uncertainties and risks from the 
potential impact from tariff policies exist," Chief Financial Officer Wendell 
Huang said. TSMC's stock that trades in the United States rose 2.8%.

   Eli Lilly was another winner after the drugmaker reported encouraging 
results for a once-daily pill that could help treat people with obesity and 
diabetes. Its stock jumped 13.6%.

   They helped offset UnitedHealth's drop of 16.9%. The health care giant 
reported profit and revenue for the latest quarter that fell short of analysts' 
expectations, and it also slashed its forecast for financial results this year. 
It was surprised by how much care its Medicare Advantage customers were getting 
from doctors and outpatient services, which was above the company's 
expectations.

   Uncertainty remains high across the economy because of Trump's trade war, 
which he has said he hopes will bring manufacturing jobs back to the United 
States and trim how much more it imports than it exports. Economists worry that 
Trump's tariffs, if fully implemented and left in place for a while, could 
cause a global recession.

   Trump on Thursday offered some encouraging signals that negotiations with 
other countries could lead to lower tariffs, which is what Wall Street is 
hoping for.

   "Had a very productive call with the President of Mexico yesterday," Trump 
said on his Truth Social network. "Likewise, I met with the highest level 
Japanese Trade Representatives. It was a very productive meeting. Every Nation, 
including China, wants to meet! Today, Italy!"

   The uncertainty about what will happen in Trump's on-again-off-again rollout 
of tariffs, though, could by itself damage the economy. Federal Reserve Chair 
Jerome Powell helped send stocks lower on Wednesday when he said again that 
Trump's tariffs appear to be much larger than the central bank was expecting, 
which could in turn slow the economy and raise inflation more than it had 
earlier thought.

   That could put the Fed into a box. It could cut interest rates to help the 
economy, but that would also push inflation higher. It has no good tool to fix 
both at the same time. Powell said on Wednesday again that the Fed would wait 
to see how conditions play out more before moving on interest rates.

   Trump criticized that stance Thursday, saying the Fed is "always TOO LATE 
AND WRONG." He also said, "Powell's termination cannot come fast enough!"

   That could spook Wall Street. An independent Fed able to act without 
influence from the White House is one of the reasons the United States has long 
enjoyed its status as a safe place to invest.

   In the bond market, the yield on the 10-year Treasury edged down to 4.28% 
from 4.29% late Wednesday.

   Reports earlier in the morning came in mixed on the U.S. economy. One said 
fewer U.S. workers applied for unemployment benefits last week than economists 
expected in the latest signal that the job market remains relatively stable. 
But another report said manufacturing in the mid-Atlantic region unexpectedly 
flipped to contraction from growth.

   In stock markets abroad, indexes slipped across much of Europe. The European 
Central Bank cut its main interest rate, which is something that often pushes 
stock prices higher. But investors worldwide had already been expecting the 
move for a while.

   In Asia, indexes were stronger. Stocks rose 1.6% in Hong Kong and 1.3% in 
Japan. Trump joined Treasury Secretary Scott Bessent and Commerce Secretary 
Howard Lutnick in talks Wednesday with a Japanese delegation in Washington.