Tariff Exemptions Help Power S&P Higher

The S&P 500 rose on Thursday, led by tech, as President Donald Trump unveiled new chip tariffs that include broad exemptions. The Dow Jones Industrial Average tailed off 140.97 points to begin Thursday at 44,052.15. The much-broader index strengthened 11.14 points to 6,356.20 The NASDAQ climbed 138.81 points to 20,308.24. Stocks are coming off of a positive session. Week to date, the S&P 500 has gained 2.2% and the NASDAQ has added 3.5%. The 30-stock Dow has advanced 1.6%. Prior to Wednesday’s modest gains, the S&P 500 had notched five losing sessions over the past six trading days, and the Dow had had six negative days in the past seven. Trump announced late Wednesday that there would be a 100% tariff on imported chips, but not for companies that are “building in the United States.” Nvidia shares rose almost 2%, while Advanced Micro Devices climbed 5%. Apple also ticked up 2% after the iPhone maker announced plans to spend an additional $100 billion on U.S. companies and suppliers over the next four years. That’s on top of a $500 billion announcement Apple made in February. Supporting sentiment, recent economic data, including weekly jobless claims, signaled the U.S. economy may still be in solid shape. This comes after July’s weaker-than-expected jobs reading rattled the market last week. Prices for 10-year Treasury were unchanged Thursday, maintaining yields at Wednesday’s 4.23%. Oil prices sank 11 cents to $64.24 U.S. a barrel. Gold prices surged $10.20 at $3,433.60 U.S. an ounce.