U.S. Stocks Close Higher, Capping Third Winning Week in Four

The S&P 500 rose 0.8 percent to finish just shy of the record set last week, while the Dow Jones industrial average climbed 0.5 percent and the Nasdaq composite added 1 percent to its high. Technology companies like Nvidia and Apple led the gains, along with Gilead Sciences, which reported financial results that beat analysts' forecasts. Financial sector stocks, including Bank of America and Mastercard, also contributed to the market's ascent. Despite concerns about the impact of tariffs on profits, the market appeared to largely shrug off the latest tariff escalation. The Federal Reserve's interest rate policy remains a key focus, with some analysts warning that the economy's unknown path amid an unpredictable tariff policy is the reason for the Fed to hold its benchmark interest rate steady.

Key Takeaways:

• The S&P 500 rose 0.8 percent, finishing just shy of the record set last week, while the Dow Jones industrial average climbed 0.5 percent and the Nasdaq composite added 1 percent to its high.
• Technology companies, including Nvidia and Apple, led the gains, with Nvidia rising 1.1 percent and Apple gaining 4.2 percent.
• Gilead Sciences reported financial results that easily beat analysts' forecasts, resulting in a 8.3 percent gain.
• Financial sector stocks, including Bank of America and Mastercard, contributed to the market's ascent, with Bank of America gaining 2.4 percent and Mastercard rising 2.3 percent.
• The Federal Reserve's interest rate policy remains a key focus, with some analysts warning that the economy's unknown path amid an unpredictable tariff policy is the reason for the Fed to hold its benchmark interest rate steady.
• Daniel Skelly, head of Morgan Stanley's Wealth Management Market Research & Strategy Team, stated, "The S&P 500's rebound this week may highlight the extent to which the market is becoming numb to tariff headlines."
• The Federal Open Market Committee, consisting of all 12 members of the Federal Reserve, votes on interest rate changes, with President Trump's nomination of Stephen Miran to the Fed's board of governors potentially exerting more control over the Fed.

Statistics:

• The S&P 500 rose 0.8 percent.
• The Dow Jones industrial average climbed 0.5 percent.
• The Nasdaq composite added 1 percent to its high.
• Nvidia rose 1.1 percent.
• Apple gained 4.2 percent.
• Gilead Sciences reported a 8.3 percent gain.
• Bank of America gained 2.4 percent.
• Mastercard rose 2.3 percent.
• The yield on the 10-year Treasury rose to 4.28 percent from 4.25 percent late Thursday.
• Wall Street is overwhelmingly betting that the Federal Reserve will cut interest rates by a quarter of a percentage point at its next meeting in September.

Sources:

• The article appeared in print on page B2 of The New York Times.
• Daniel Skelly, head of Morgan Stanley's Wealth Management Market Research & Strategy Team, was quoted in the article.
• The Federal Reserve and the Federal Open Market Committee were mentioned in the article.
• The article mentioned Gilead Sciences' financial results and the company's 8.3 percent gain.
• The yield on the 10-year Treasury and the Federal Reserve's interest rate policy were also mentioned in the article.