Wall Street saw a strong rally, with U.S. stocks closing higher as investors largely brushed off Donald Trump’s latest tariff announcement.
The Dow Jones Industrial Average climbed 0.8% to 44,711.43, the S&P 500 gained 1% to 6,115.07, and the Nasdaq Composite surged 1.5% to 19,945.64.
In the bond market, the benchmark 10-year U.S. Treasury note yield fell to 4.536% from 4.610% on Wednesday night.
Asian markets followed suit on Friday, buoyed by the near-record gains on Wall Street. Hong Kong’s Hang Seng Index rose 2.24% to 22,303.80, while the Shanghai Composite increased 0.25% to 3,340.95. Japan’s Nikkei 225, however, slipped 0.43% to 39,292.74.
Australia’s S&P/ASX 200 gained 0.34% to 8,569.10, and South Korea’s KOSPI advanced 0.63% to 2,599.43.
Donald Trump introduced new “reciprocal tariffs” aimed at trade partners, raising concerns about escalating global trade tensions, particularly with the EU. The UK government is adopting a wait-and-see approach, holding off on a response until more details emerge.
Despite Trump’s tariff announcement, the U.S. dollar weakened, while oil prices remained stable and gold inched higher. Meanwhile, investors are closely monitoring eurozone GDP data and NatWest’s earnings, as reports suggest HSBC is set to announce $1.5 billion in cost-saving measures next week.
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