Major Wall Street indices rose after the US Supreme Court ruled against President Donald Trump's sweeping tariffs, UNN reports, citing Sky News.
Details
According to AP, US stocks are gradually rising in cautious trading after the Supreme Court overturned President Trump's sweeping tariffs, which had been a source of market volatility.
The S&P 500 index rose 0.1% within minutes of the court's decision. Earlier in the morning, it had fluctuated between small gains and losses after disappointing reports of slowing economic growth and accelerating inflation caused a relatively small ripple of market turmoil.
The Dow Jones Industrial Average added 20 points, or less than 0.1%, and the Nasdaq Composite rose 0.1%. Treasury yields also remained quite low in the bond market.
Context
Trump first imposed tariffs under the International Emergency Economic Powers Act of 1977, which is intended for use only during national emergencies.
His tariffs, imposed on "Liberation Day" on April 2, included a basic 10% tariff on all imports into the US and additional tariffs ranging from 15% to 50% on most countries, many of which were reviewed and reduced.
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