The New York stock market closed higher on Friday.
Hopes of a diplomatic resolution to the U.S.-China trade tensions restored investor sentiment.
Despite U.S. President Donald Trump’s threat to hike tariffs on Chinese goods to 145% and China’s retaliatory 125% tariff proposal, the White House expressed hope for negotiations, signaling its willingness to engage in talks.
Most M7 big tech stocks saw gains, but Tesla and Meta Platforms posted slight declines.
Apple surged 4%, while Nvidia jumped 3%.
A Week of Market Turbulence
The New York stock market experienced a broad-based rally led by technology stocks.
The tech-heavy Nasdaq soared by 337.14 points (2.06%) to close at 16,724.46.
The S&P 500, which widely reflects the overall market health, jumped 95.31 points (1.81%) to 5,363.36. As tech stocks weigh significantly in the index, the S&P 500 is particularly sensitive to movements in the tech sector.
The Dow Jones Industrial Average, comprising 30 blue-chip stocks, finished 619.05 points (1.56%) 40,212.71.
All three major indices posted substantial weekly gains.
The announcement of a 90-day tariff suspension fueled the market surge on Wednesday.
Over the past week, the Nasdaq skyrocketed 7.3%, while the S&P 500 and Dow jumped 5.7% and 4.9%, respectively.
On Wednesday, the Nasdaq soared 12%, the S&P 500 surged 9.5%, and the Dow jumped 7.9%.
However, renewed U.S.-China trade war fears triggered a sell-off on Thursday, with the Nasdaq plunging 4.3% and the S&P 500 and Dow dropping 3.5% and 2.5%, respectively.
Nvidia’s 17.6% Weekly Surge
Five of the M7 big tech stocks gained ground.
Apple jumped $7.73 (4.06%) to $198.15, while Nvidia climbed $3.36 (3.12%) to $110.93.
Microsoft (MS) advanced 1.9% to $388.45, Alphabet rose 2.6% to $159.40, and Amazon climbed 2% to $184.87.
On the other hand, Tesla dipped $0.09 (0.04%) to $252.31, and Meta Platforms slipped $2.72 (0.50%) to $543.57.
Despite the day’s mixed results, all M7 stocks posted impressive gains for the week.
Nvidia posted the most significant weekly gain, soaring 17.6%.
The other six stocks recorded single-digit weekly gains.
Amazon surged 8.1%, Microsoft jumped 7.95%, and Meta rallied 7.7%.
Apple and Tesla, however, underperformed relative to the Nasdaq’s 7.3% weekly climb.
Apple rose 5.2%, while Tesla added 5.4% for the week.
