Dow Jones climbs 207 points as investors shake off tariff fears; Apple leads tech rally with best week since 2020
NEW YORK: Stocks climbed Friday, capping a strong week for Wall Street as tech shares led the charge and investors shrugged off fresh tariff threats from President Donald Trump.
The Nasdaq Composite rose 0.98% to a record close of 21,450.02, after hitting an all-time intraday high earlier in the session. The S&P 500 gained 0.78% to finish at 6,389.45, just shy of its own record. The Dow Jones Industrial Average added 206.97 points, or 0.47%, ending at 44,175.61.
All three major indexes posted weekly gains, with the Nasdaq up 3.9%, the S&P 500 rising 2.4%, and the Dow climbing 1.4%.
Apple Inc. was a standout performer, surging 13% this week after unveiling a $600 billion U.S. investment plan aimed at easing tensions with the White House. The iPhone maker’s shares jumped another 4.2% Friday, marking their best weekly performance since July 2020.
The rally came despite heightened trade tensions. Trump announced a 100% tariff on imported semiconductors and chips, exempting companies manufacturing in the U.S. The move was followed by reciprocal tariffs from countries including Syria, Laos, and Myanmar, with duties as high as 41%.
In a Truth Social post Friday, Trump warned that striking down his tariff policy could trigger a repeat of the Great Depression. “It would be 1929 all over again,” he wrote, claiming the tariffs were having a “huge positive impact” on markets.
Markets had previously recoiled from Trump’s sweeping tariff announcement in April, when the S&P 500 fell into correction territory after its worst single-day drop since 2020.
“The market’s reaction to the April 2 announcement kind of shows how markets feel about tariffs,” said Ross Mayfield, investment strategist at Baird. “Investors are largely anticipating the administration not following through on hyper aggressive tariff plans.”
Mayfield added that the dynamic between market expectations and policy execution remains complex. “It’s kind of like chicken-and-egg,” he said. “If markets anticipate that but don’t react, the administration could interpret that as support rather than skepticism.”
Weekly Market Performance
| Index | Friday Close | Daily Change | Weekly Change |
|---|---|---|---|
| Nasdaq Composite | 21,450.02 | +0.98% | +3.9% |
| S&P 500 | 6,389.45 | +0.78% | +2.4% |
| Dow Jones Industrial Avg. | 44,175.61 | +0.47% | +1.4% |
| Apple Inc. (AAPL) | — | +4.2% | +13% |