US stocks closed higher Thursday amid ongoing uncertainty over President Donald Trump’s tariffs.
The market rallied in the morning after a US Court blocked the broad tariffs Wednesday, ruling Trump had exceeded his authority. However, gains were trimmed after the White House appealed, arguing the decision hurt diplomacy and presidential powers. An appeals court then temporarily suspended the lower court’s ruling.
On the economic front, the US Commerce Department reported the economy shrank by 0.2% in the first quarter, a slight improvement from the preliminary estimate of a 0.3% contraction. The slowdown was mainly due to higher imports and lower government spending.
Weekly unemployment claims rose by 14,000 to 240,000, above expectations.
President Trump and Federal Reserve Chair Jerome Powell also met to discuss key economic issues including growth, jobs, and inflation.
The Dow Jones closed up 0.28% at 42,215.73, the Nasdaq rose 0.39% to 19,175.87, and the S&P 500 gained 0.40% to 5,912.17.
The VIX, or “fear index,” fell 0.67% to 19.18.
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Azerbaijani President Ilham Aliyev and Armenian Prime Minister Nikol Pashinyan have concluded talks in Bishkek, the capital of Kyrgyzstan, as leaders gather for the Shanghai Cooperation Organisation (SCO) summit.
Iran has reached an understanding with Oman on transit arrangements through the Strait of Hormuz, but the waterway will remain closed until the U.S. fulfils its commitments, a senior Iranian diplomat said on Saturday.
U.S. forces struck two Iranian rocket launchers on Larak Island on Sunday, with Tehran responding by launching ballistic missiles at two U.S. bases in Jordan in the first direct U.S.-Iran military escalation in weeks.
Russia views NATO’s growing military activity in the Arctic as a direct threat to its national security, Foreign Minister Sergei Lavrov said.
At least 37 people were killed after a Russian drone strike hit an ammunition depot in the Kyiv region, triggering powerful secondary explosions President Volodymyr Zelenskyy said on Saturday, vowing to punish suspected negligence in the second such incident in two months.
Spanish Prime Minister Pedro Sanchez said on Monday there were signs that Russian and Israeli networks helped spread disinformation about Spain’s migration policy, contributing to last month’s unprecedented surge of migrants into Ceuta.
A gathering of G20 finance ministers and central bank governors in Asheville, North Carolina, was dominated by sharp disagreements over Russia's presence, as the world's leading economies face mounting geopolitical and economic pressures.
U.S. Vice President JD Vance has blamed the administration of former President Joe Biden for ammunition shortages within the U.S. military, arguing that years of insufficient defence spending left the armed forces under-resourced.
The death toll from last week's catastrophic floods in Nepal and Tibet rose to 939 on Monday, with 3,044 people still missing, as fresh rainfall pushed up river levels and forced rescuers to move to higher ground.
Recovery teams are continuing operations in Grand Canyon National Park after flash floods swept through parts of the canyon over the weekend, leaving one person dead and leading to the discovery of a second body that has yet to be recovered.
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