United States benchmark averages advanced on Friday, with a surge in technology shares pushing the Nasdaq Composite to a record close and lifting the broader market.
The Dow Jones Industrial Average climbed 207.0 points or 0.5% to 44,175.6, the S&P 500 gained 49.5 points or 0.8% to close at 6,389.5, just shy of its own record, while the Nasdaq rose 207.3 points or 1% to finish at an all-time high of 21,450.0.
All three benchmarks posted solid weekly gains, with the Dow up 1.4%, the S&P 500 rising 2.4%, and the Nasdaq surging 3.9%.
Apple was the standout performer, boosting both the S&P 500’s technology sector and the Nasdaq. The stock jumped 13% over the week, its best performance since July 2020, after unveiling a US$600 billion, four-year U.S. investment plan designed to win favour with President Donald Trump.
The rally gained momentum after Trump announced a 100% tariff on imported semiconductors and chips, with exemptions for companies manufacturing in the U.S.
Apple shares rose 4.2% on Friday, as investors viewed the policy as advantageous for domestic production.
Markets appeared to take the semiconductor tariff in stride, seeing it as less severe than feared, while also discounting Trump’s broader “reciprocal” tariffs, which came into effect at midnight Thursday. These include steep duties of 41% on Syria and 40% on Laos and Myanmar.
Trump defended his policy in a Truth Social post on Friday, warning U.S. courts not to overturn it. “It would be 1929 all over again, a GREAT DEPRESSION,” he wrote, claiming the tariffs are having a “huge positive impact” on markets.
On the bond markets, yields rose, with the 10-year Treasury rate up 0.9% at 4.285% and the 2-year yield climbing 1% to 3.762%.
