Equities Tick Higher Ahead of Winning Week
Stocks rose on Friday, putting the three major averages on pace to round out the week with gains.
The Dow Jones Industrial Average popped 254.55 points to 44,223.19, 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 50.12 points to 6,390.12
The NASDAQ hiked 191.87 points to 21,434.26. a move that places the index on track for another record closing high.
The major averages are currently heading for a winning week, with the 30-stock Dow at a 1.2% week-to-date advance and the broad market S&P 500 up 2.3% in the period. The tech-heavy NASDAQ is poised for a 3.7% climb on the week.
Shares in Wendy’s moved ahead 28 cents, or 2.9%, to $10.24. Shares in Pinterest plummeted $3.07, or 7.8%, to $36.10, despite better-than-expected sales in Q2.
The moves come after the Dow, along with the S&P 500, closed in the red on Thursday, while the NASDAQ outperformed, closing at a record. The blue-chip index saw some sharp swings during the day, up 305 points at its high and down nearly 394 points at its low.
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 recouped 38 cents to $64.26 U.S. a barrel.
Gold prices surged $38.00 at $3,491.70 U.S. an ounce.
