Wall Street bonuses surged 31% last year on rising markets and a rebound in dealmaking activity, delivering a boon for the industry’s hometown economy. Some are already wondering how long it is going to last.

As Wall Street draws the curtain on a tumultuous quarter in which stocks logged a record high before tumbling into correction, investors are faced with a mountain of policy uncertainty that clouds the outlook for coming quarters.

Stocks took a hit in after-hours trading after the commander-in-chief slapped a 10% baseline tariff on all exporters to the US as well steeper rates for nations he accuses of treating this country

U.S. stocks swerved through another shaky day of trading, with uncertainty still high about just what President Donald Trump will announce about tariffs on his “Liberation Day.”

Holly Peterson, a journalist based in New York City, writes the Earn Your Luck column for WSJ. Magazine and contributes lifestyle reporting and topical essays to The Wall Street Journal.

That is up 34% from last year’s bonus pool of $35.4 billion and the highest number since records began in 1987.

On Wall Street, the S&P 500 rose 0.6% in another roller-coaster day, after being down as much as 1.7% during the morning. The reversal helped the index shave its loss for the first three months of the year to 4.6%, making it the worst quarter in two-and-a-half years.

Wall Street bonuses surged in 2024, averaging a record-breaking $244,700, according to new state estimates. That’s 31.5% higher than in 2023, according to state Comptroller Thomas DiNapoli. It’s part of an estimated pool of $47.