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Stocks rose on Friday, putting the three major averages on pace to round out the week with solid gains.
The Dow Jones Industrial Average spiked 206.99 points to 44,175.61, supported by a surge in shares of names like Gilead Sciences and Monster Beverage following their strong quarterly results.
The S&P 500 index jumped 49.45 points to 6,389.45
The NASDAQ hiked 207.32 points to 21,450.02, yet another record closing high.
The 30-stock Dow moved up 1.4% week-to-date, and the broad market S&P 500 up 2.5% in the period. The NASDAQ enjoyed a 3.9% climb on the week.
Apple lifted both the S&P 500’s tech sector and the NASDAQ. The iPhone maker has surged 13% this week after announcing plans to spend about $600 billion over four years in the U.S. in a bid to appease President Donald Trump. The stock was heading for its best week since July 2020.
Apple’s latest surge kicked into high gear on as Trump announced earlier this week that he would impose a 100% tariff on imported semiconductors and chips, with an exemption for companies that are “building in the United States.” Shares advanced another 4% Friday.
Shares in Wendy’s moved ahead 12 cents, or 1.3%, to $10.08. Shares in Pinterest plummeted $4.04, or 10.3%, to $35.13, despite better-than-expected sales in Q2.
President Donald Trump’s “reciprocal” tariffs took effect at midnight on Thursday, with some of the steepest duties including Syria’s 41% and Laos’ and Myanmar’s 40% rate.
Stocks initially rose Thursday morning after Trump announced a day earlier that his 100% tariff on imported semiconductor chips would not affect companies that are “building in the United States.”
On Thursday afternoon, the president announced that he has selected Stephen Miran, chair of the Council of Economic Advisors, as his pick to replace Adriana Kugler on the Federal Reserve Board of Governors. Miran will serve out the rest of Kugler’s term, which expires in January, following her resignation last Friday.
Prices for 10-year Treasury were lower Thursday, raising yields to 4.29% from Thursday’s 4.24%. Treasury prices and yields move in opposite directions.
Oil prices leaned lower 26 cents to $63.62 U.S. a barrel.
Gold prices narrowly made their way into positive country $2.40 to $3,456.10 U.S. an ounce.
