WASHINGTON (dpa-AFX) - Following the mixed performance seen in the previous session, stocks moved mostly higher over the course of the trading on Friday. With the upward move, the tech-heavy Nasdaq reached a new record closing high.
The major averages all finished the day firmly in positive territory. The Nasdaq jumped 207.32 points or 1.0 percent to 21,450.02, the S&P 500 advanced 49.45 points or 0.8 percent to 6,389.45 and the Dow climbed 206.97 points or 0.5 percent to 44,175.61.
For the week, the Nasdaq spiked by 3.9 percent, the S&P 500 surged by 2.4 percent and the Dow shot up by 1.4 percent.
The strength on Wall Street came as traders shrugged off concerns about the economic impact of President Donald Trump's new tariffs on dozens of U.S. trading partners that took effect at midnight.
Apple (AAPL) helped to lead the markets higher, with the tech giant surging by 4.2 percent to its best closing level in five months.
Shares of Apple have shown a substantial move to the upside this week after announcing plans to spend about $600 billion in the U.S. over the next four years.
Computer hardware stocks turned in some of the market's best performances on the day, with the NYSE Arca Computer Hardware Index climbing by 1.4 percent.
Significant strength also emerged among banking stocks, as reflected by the 1.2 percent gain posted by the KBW Bank Index.
Oil service, brokerage and networking stocks also saw notable strength, while commercial real estate stocks moved to the downside.
Among individual stocks, shares of LegalZoom.com (LZ) skyrocketed by 31.0 percent after Bank of America upgraded its rating on the online legal technology and services company's stock to Buy from Underperform.
Online travel company TripAdvisor (TRIP) also spiked by 11.7 percent after reporting second quarter earnings that exceeded analyst estimates.
On the other hand, shares of Trade Desk (TTD) plummeted by 38.6 percent after several Wall Street firms downgraded the company's stock despite its strong second quarter earnings.
Salad chain Sweetgreen (SG) has also plunged by 23.1 percent after reporting weaker than expected second quarter results and slashing its full-year revenue guidance.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower on Friday. Hong Kong's Hang Seng Index slid by 0.9 percent and China's Shanghai Composite Index edged down by 0.1 percent, although Japan's Nikkei 225 Index bucked the downtrend and surged by 1.9 percent.
Meanwhile, the major European markets turned in a mixed performance on the day. While the French CAC 40 Index rose by 0.4 percent, the German DAX Index and the U.K.'s FTSE 100 Index both slipped by 0.1 percent.
In the bond market, treasuries extended the downward move seen over the two previous sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, i climbed 4.1 basis points to 4.285 percent.
Looking Ahead
Following a relatively quiet week on the U.S. economic front, the economic calendar picks back up next week with the release of reports on consumer and producer prices, retail sales, industrial production and consumer sentiment.
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