But late Thursday, President Donald Trump ordered the U.S. Trade Representative to consider placing tariffs on an additional $100 billion worth of Chinese imports.
Canada's main stock index fell in a broad-based decline that was led by energy and financial shares as renewed U.S.
The administration was running a "good cop, bad cop kind of negotiating strategy", said Sam Stovall, chief investment strategist at CFRA Research. The Dow dropped 2.3 percent Friday and is down 0.7 percent for the week. Some traders were hoping the Fed Chief would acknowledge the recent market volatility caused by the trade dispute.
The S&P 500, which many index funds track, lost 69 points, or 2.6 percent, tat 23,933, rebounding from 704 points down at 3 p.m., EST.More news: MotoGP: Marquez: 'Track conditions' cause of Rossi clash
"The process itself seems to be quite chaotic", she said. So, I'm not saying there won't be a little pain, but the market's gone up 40 percent, 42 percent - so we might lose a little bit of it - but we're going to have a much stronger country when we're finished.
'These potential trade wars are not good for the market, ' said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco.
"We're going to need brand new, bad news on trade for the equity markets to push lower".
The U.S. Treasury puts the closing yield on the 10-year note at 2.77%.
Mnuchin said that a stock market correction was normal after such a long stretch of rising prices. "The number of advancing stocks on the NYSE are outnumbering decliners 2,347 to 486, or by an 5-to-1 margin".More news: Trump stands in Tweet from embattled EPA Pruitt
"I feel like this is a typical reaction, but I think that it will come back around", said Zach Holt.
The Dow average, which contains numerous multinational companies including industrial powerhouses Boeing and Caterpillar, has swung dramatically this week, with about 1,300 points separating its highest and lowest marks. He noted that the US hasn't entered a full-blown trade war since 1930, and trade relationships were much different back then. It fell 0.7 percent for the week.
Wages grew 2.7 percent in March compared with a year earlier, in line with expectations.
Still, she said businesses support the idea of making changes in America's trade relationship with China.
Around two-thirds of the time, the descending triangle patterns result in lower prices.More news: School bus plunges off cliff in India, killing 27