NEW YORK, New York - U.S. stocks closed solidly higher on Friday, demonstrating resilience even after the Supreme Court struck down President Donald Trump's sweeping tariffs, ruling that he had exceeded his authority by using emergency powers to bypass Congress. Investors appeared to welcome the clarity provided by the long-awaited decision, focusing instead on strong corporate earnings and encouraging economic data.
The broad-based Standard and Poor's 500 advanced 47.62 points, or 0.69 percent, to settle at 6,909.51. The index showed remarkable strength, climbing within striking distance of its all-time high of 7,002.28, supported by gains across nine of its 11 major sectors. Trading volume was robust at 3.278 billion shares.
The technology-heavy NASDAQ Composite led the charge among major US indices, surging 203.34 points, or 0.90 percent, to close Friday at 22,886.07. Mega-cap tech names powered the rally, with semiconductor stocks particularly buoyant following positive earnings guidance from several industry leaders. The NASDAQ's performance underscored investor confidence in the growth prospects of the technology sector despite the uncertain trade policy landscape.
The Dow Jones Industrial Average also posted solid gains, rising 230.81 points, or 0.47 percent, to finish Friday at 49,625.97. The blue-chip index was lifted by strength in industrials and financials, sectors that had been most directly exposed to tariff uncertainty. Trading volume on the Dow reached 559.51 million shares as investors rotated into names poised to benefit from the resolution of the trade policy overhang.
Market analysts noted that the Supreme Court's ruling, while a setback for the administration's trade agenda, removed a significant layer of uncertainty that had been weighing on business investment decisions. The decision effectively returns tariff authority to Congress, potentially leading to a more predictable trade policy framework going forward.
Market participants now turn their attention to upcoming Federal Reserve commentary and a busy week of earnings reports that will provide further insight into the health of corporate America following the resolution of the tariff uncertainty.
Global Markets Mixed as US Tariff Ruling Boosts Europe, KOSPI Hits Record
Friday witnessed a mixed session for global markets, with European indices climbing sharply after a pivotal U.S. Supreme Court ruling on tariffs, while Asian markets showed a varied performance. The South Korean KOSPI surged to a record high, contrasting with losses in Hong Kong, Japan, and Australia.
In London, the FTSE 100 advanced 59.85 points, or 0.56 percent, to 10,686.89. Positive domestic retail sales data and the US tariff ruling lifted sentiment, though gains were capped by a fall in oil giant BP . Bucking the trend in Europe was the BEL 20 in Brussels, which slipped 9.75 points, a loss of 0.17 percent, closing at 5,654.68.
European Markets Surge on U.S. Tariff Ruling
European stocks closed firmly in positive territory. The rally was sparked by a U.S. Supreme Court decision that struck down President Donald Trump's sweeping tariffs, ruling that he had exceeded his authority by using emergency powers to bypass Congress .
France's CAC 40 was among the biggest winners in Europe, closing up 116.71 points, or 1.39 percent, to finish Friday at 8,515.49 . The index was buoyed by a relief rally in trade-sensitive luxury goods giants like LVMH . The pan-European EURO STOXX 50 Index also saw strong gains, adding 71.69 points, or 1.18 percent, to close at 6,131.31, while the broader Euronext 100 Index rose 20.29 points (1.12 percent) to 1,834.10.
Germany's DAX index continued its upward trajectory, climbing 217.12 points, or 0.87 percent, to settle at 25,260.69, supported by data showing accelerating private sector growth.
Canadian Market Follows Wall Street Higher
Canada's S&P/TSX Composite Index rallied alongside its U.S. counterparts, climbing 222.53 points, or 0.66 percent, to close at 33,817.51. The index benefited from broad-based strength, with trading volume reaching 322.896 million shares.
The resource-heavy TSX found additional support from rising commodity prices, particularly in the energy and materials sectors. Financial stocks also contributed to the advance, tracking gains in their US counterparts. The Canadian market's positive close extended its recent winning streak, positioning the index for further gains as investors look ahead to domestic economic data due next week.
Asia Mixed as KOSPI Soars to Record
Asian markets presented a more divided picture. In a standout performance, South Korea's KOSPI Composite Index surged 131.28 points, or an impressive 2.31 percent, to close at a record high of 5,808.53 . The rally was fueled by a sharp jump in tech giant SK Hynix after news that BlackRock had acquired a significant stake, alongside strong gains in insurance and defense stocks .
China's SSE Composite Index in Shanghai fell 51.95 points, or 1.26 percent, to close at 4,082.07.
Taiwan's TWSE Capitalization Weighted Stock Index also had a stellar day, jumping 532.71 points (1.61 percent) to finish at 33,605.71.
Other major markets in the region were less fortunate. Hong Kong's Hang Seng Index fell 292.59 points, or 1.10 percent, to 26,413.35. Japan's Nikkei 225 dropped 642.13 points, a decline of 1.12 percent, closing at 56,825.70 . In Australia, the S&P/ASX 200 edged down 4.80 points (0.05 percent) to 9,081.40, while the broader All Ordinaries Index lost 13.40 points (0.14 percent) to 9,303.20 .
India's S&P BSE SENSEX managed a positive close, adding 316.57 points, or 0.38 percent, to end the session at 82,814.71. Meanwhile, New Zealand's S&P/NZX 50 Index dropped 135.68 points (1.01 percent) to 13,308.52.
Markets in Southeast Asia were mostly subdued. Singapore's STI Index rose 16.04 points (0.32 percent) to 5,017.60. Malaysia's FTSE Bursa Malaysia KLCI inched up 0.72 points (0.04 percent) to 1,752.83, while Indonesia's IDX Composite fell a marginal 2.31 points (0.03 percent) to 8,271.77.
Middle East Markets Close, Africa advances Nearly 2 percent
Markets in the Midlde East were closed on Friday and will reopen on Sunday.
South Africa's Top 40 USD Net TRI Index posted a gain of 136.44 points (1.81 percent) to 7,693.62.
U.S.Dollar Steady to Start Weekend, Commodity Currencies Gain Ground
Major currency pairs showed muted movements on Friday as traders consolidated positions ahead of the weekend, with the U.S. dollar holding firm against most major counterparts while commodity-linked currencies posted modest gains.
The euro remained virtually unchanged against the greenback, with the EURUSD pair trading at 1.1786, showing a flat movement of 0.00 percent for the session. The common currency struggled for direction as traders weighed mixed economic data from the eurozone against the backdrop of this week's US Supreme Court ruling on tariffs that had boosted European equities.
The Japanese yen also showed no movement against the dollar, with USDJPY holding steady at 154.99, unchanged at 0.00 percent. The pair remained range-bound as safe-haven demand balanced against expectations for continued divergence between US and Japanese monetary policy.
The British pound edged higher against the US dollar, with GBPUSD climbing 0.18 percent to 1.3487. Sterling found support following better-than-expected UK retail sales data released earlier in the week, though gains were capped by ongoing uncertainty surrounding Brexit trade negotiations.
The Swiss franc slipped marginally against the dollar, with USDCHF rising 0.04 percent to 0.7750. The modest move reflected the franc's traditional safe-haven status as global equity markets showed strength.
Commodity currencies outperformed their peers in Friday's session. The Australian dollar led the gainers, rising 0.39 percent against its US counterpart to trade at 0.7081. The Aussie benefited from rising iron ore prices and growing expectations that the Reserve Bank of Australia may maintain its hawkish policy stance longer than previously anticipated.
The New Zealand dollar followed suit, climbing 0.09 percent to 0.5975 against the greenback. The kiwi dollar found support from firm dairy prices, though gains were moderated by concerns about slowing growth in China, a key trading partner.
The Canadian dollar showed modest weakness against its US counterpart, with USDCAD edging up 0.02 percent to 1.3682. The loonie struggled despite firmer oil prices, as traders positioned ahead of next week's Canadian GDP data.
(This report incorporates quotes retrieved with the assistance of artificial intelligence).
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