By Mucahithan Avcioglu
ISTANBUL (AA) - US stocks closed the week with gains as major tech stocks received a boost, while investors continued to negotiate a changing global trade picture.
The S&P 500 jumped 0.74%, or 40.44 points, to close at 5,525.21.
The Nasdaq composite rose 1.26% to finish at 17,382.94 points while the Dow Jones Industrial Average was slightly up 0.05% to close at 40,113.50 points.
The climb in stocks was mainly led by the big techs. All of the "Magnificent Seven" big tech stocks closed the week with gains, with Tesla and Nvidia soaring 9.8% and 4.3% in particular, respectively.
Meanwhile, the US President Donald Trump on Friday said that he will not lower tariffs on China unless they offer something "substantial" in return.
“We will not lower tariffs unless China gives us something substantial,” Trump told reporters aboard Air Force One.
He also called the prospect of a new 90-day pause in reciprocal tariffs after the current one "unlikely" and said if efforts to reach a deal are unsuccessful, they will set tariffs in a reasonable way.
Asked if markets are adapting to the prospect of higher tariffs after turmoil greeted his initial announcements, Trump said: “When you look at what’s happening, I think so, yeah. I said there’d be a transition.”
He added: “People haven’t understood it, now they are starting to understand it.”
Asked about allegations of insider trading in the markets based on his policies, Trump said that he could make a commitment for himself, but that thousands of people worked for him.
On the macroeconomic data side, University of Michigan's consumer sentiment index fell 8% monthly to 52.2 in April, marking its lowest level since July 2022.
Meanwhile, short-term inflation expectations jumped to 6.5% in April from the previous month's 5%, marking the highest reading since 1981.
The long-term inflation expectations also increased to 4.4% from 4.1% in March.
The VIX Index, also known as the “fear index," dropped 6.16% to 24.84.