The U.S. trade deficit jumped nearly 19 percent in December to a 10-year high of $621 billion. The gap between what the United States sells and what it buys from other countries rose to nearly $60 billion at the end of 2018. Adjusted for inflation, that’s the highest imbalance on trade goods in U.S. history. President Donald Trump’s trade war with China didn’t do anything to close the trade gap. But White House economic adviser Larry Kudlow said a deal for more equitable market exchanges with China could come soon.

The Federal Reserve said Wednesday it did not plan to raise interest rates in the near future, signaling it expects economic growth in the United States to slow down from its recent breakneck speed. European stock markets rose some after the news that interest rates in the United States would remain steady, as did markets in China, India, and Japan. The U.S. Dow Jones Industrial Average saw a slight increase Thursday morning.

Wall Street tried to maintain momentum Friday after a rally Thursday afternoon erased a 600-point loss for the Dow Jones Industrial Average, finishing the day with a gain of 260 points. Although the New York Stock Exchange had its best day in 10 years on Wednesday, it’s still on track for the worst December on record since 1931, with the Dow and the S&P 500 both down around 9 percent for the month. Meanwhile, most global markets advanced Friday, but Japan’s Nikkei was down slightly.

The New York Stock Exchange had its best day in 10 years Wednesday, and the Dow Jones Industrial Average jumped by more than 1,000 points, its largest single-day gain ever. Gains in technology, retail, healthcare, and internet stocks drove the rally. This month brought extreme volatility to markets, which overall are having their worst December since 1931. Though trading volume was light Wednesday, the rebound helped erase a Christmas Eve slump that plunged stocks close to bear market territory.

U.S. stocks are tentatively recovering from a dip last week. The markets rocketed to their biggest gain in six months Tuesday following a six-day losing streak but seesawed throughout the day Wednesday. Good news on the U.S. economy fueled Tuesday’s rebound. The U.S. Department of Labor said employers posted the most jobs in two decades in August, while hiring continued to increase. Unemployment continued a steady drop. Strong earnings from healthcare and tech companies also helped.

World stock markets perked up a little Friday morning after heavy losses this week. Major U.S. stock indexes were up more than 1 percent but were still on track for their biggest one-week loss since late March. Fears over rising inflation and especially interest rates appeared to be the main drivers of the market plunge. Valeur Capital portfolio manager Nicola Marinelli said the heated trade war between the United States and China might also be contributing. “Some sectors are starting to suffer in their balance sheet,” Marinelli said.

Unemployment rates in the United States are the lowest they’ve been in decades, the Labor Department reported Friday. Though companies added fewer jobs than expected in September—likely because Hurricane Florence dampened business activity in the South—the month’s unemployment rate fell to 3.7 percent, the lowest since 1969.