Major United States benchmark averages advanced on Thursday (Friday AEST) as investor concerns around trade, inflation, and geopolitical tensions continued to ease.
The Dow Jones Industrial Average gained 404.4 points, or 0.9%, to close at 43,386.8. The S&P 500 rose 48.9 points or 0.8% to 6,141, just shy of all-time highs. The Nasdaq Composite climbed 194.4 points or 1% to 20,167.9, also nearing record territory.
Markets were buoyed by comments from White House spokesperson Karoline Leavitt, who said the looming July tariff deadlines were “not critical” and could be extended.
The remarks eased fears around “Liberation Day” tariffs and added optimism that President Trump might delay or soften the measures.
Strong earnings, resilient jobs data, and renewed enthusiasm for AI stocks also fuelled the rebound, as NVIDIA touched another record, up 0.5%, while Meta and Alphabet added 2.5% and 1.7% respectively.
On the data front, jobless claims dipped to 236,000, undershooting forecasts of 245,000.
Meanwhile, U.S. gross domestic product contracted at an annualised rate of 0.5% in Q1, a sharper decline than the previously estimated 0.2%, according to the Commerce Department’s final reading.
In the bond markets, 10-year yields were down 1.1% to 4.246%, and 2-year rates were 1.6% lower at 3.719%.
