US stocks closed higher Friday, capping a choppy week of trading with the market's third winning week in the past four.
- The Dow rose 206.97 points, or 0.5%, to 44,175.61, finishing the week up 1.3%.
- The S&P 500 rose 49.45 points, or 0.8%, to 6,389.45, up 2.4% for the week.
- The Nasdaq rose 207.32 points, or 1%, to 21,450.02, ending the week with a 3.9% gain.
Technology companies, with their hefty stock values, did much of the heavy lifting for the market, the AP reports. Nvidia rose 1.1%, and Apple gained 4.2%. Gilead Sciences jumped 8.3% for one of the market's biggest gains. It reported financial results that easily beat analysts' forecasts, while also raising its earnings forecast for the year. Expedia Group rose 4.1% after also reporting encouraging financial results. They are among the final big batch of companies in the S&P 500 to report mostly strong financial results for the second quarter. Still, many have warned that current tariffs could cut into their profits. Financial sector stocks also helped drive the market higher. Bank of America gained 2.4% and Mastercard 2.3%.
Elsewhere, entertainment giant Paramount Skydance slid 10.5% a day after the company was created by the closing of an $8 billion merger of Skydance and Paramount. Shares in rival Warner Bros. Discovery sank 8%. The main focus throughout the week has been on President Trump's trade war and its potential impact on the US economy, as well as the Federal Reserve's interest rate policy. Trump began imposing higher import taxes on dozens of countries Thursday. Still, the market appeared to largely shrug off the latest tariff escalation. "The S&P 500's rebound this week may highlight the extent to which the market is becoming numb to tariff headlines," said Daniel Skelly of Morgan Stanley.
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