US Stocks Edge Higher Amid Tariff Doubts
(MENAFN) American equities closed stronger on Thursday, even though ambiguity lingered over Leader Donald Trump’s tariffs.
An early-day surge followed a decision by the US Court of International Trade on Wednesday, which halted the expansive tariffs and concluded that Trump had overstepped his authority.
However, gains were later trimmed as the White House contested the ruling, asserting it disrupted the government's diplomacy and intruded upon the president's authority.
A higher court chose to momentarily delay the enforcement of the trade court's judgment.
On the broader economic front, the US Department of Commerce unveiled its revised Gross Domestic Product (GDP) figures for the initial quarter of the year.
The updated data showed a 0.2 percent economic decline, mainly due to a sharp rise in imported goods and a reduction in federal expenditures, indicating that national output diminished between January and March.
An earlier preliminary release last month had projected a slightly deeper 0.3 percent fall.
Meanwhile, the number of Americans applying for unemployment insurance for the first time climbed by 14,000 to 240,000 in the week ending May 24, surpassing analysts’ forecasts.
Additionally, Trump convened with Federal Reserve Chair Jerome Powell to deliberate on key economic issues including growth, employment and inflation.
The Dow Jones Industrial Average advanced by 0.28 percent, increasing 117.03 points, to end the day at 42,215.73.
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