US STOCKS CLIMB AFTER SUPREME COURT STRIKES DOWN TRUMP TARIFFS

NEW YORK, Feb 21 (Bernama-Xinhua) -- US stocks finished higher on Friday after the Supreme Court ruled against the broad tariffs implemented by the Trump administration last year, reported Xinhua.

The Dow Jones Industrial Average rose 230.81 points, or 0.47 per cent, to 49,625.97. The S&P 500 added 47.62 points, or 0.69 per cent, to 6,909.51. The Nasdaq Composite Index increased by 203.34 points, or 0.9 per cent, to 22,886.07.

Nine of the 11 primary S&P 500 sectors ended in green. Communication services and consumer discretionary led the gainers, rising 2.65 per cent and 1.27 per cent respectively. Meanwhile, the energy and health sectors lagged, dropping 0.71 per cent and 0.32 per cent respectively.

In a 6-3 ruling on Friday, the Supreme Court determined that the executive branch exceeded its authority by using emergency powers to impose import taxes on most trading partners, declaring many of the previous year's tariffs illegal. In response, US President Donald Trump stated during a press conference that his administration intends to introduce a new "10 per cent global tariff" to replace the duties struck down by the court.

The court’s decision came alongside fresh economic data showing persistent inflationary pressure. The personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, rose 2.9 per cent year-over-year in December, exceeding market expectations. Core inflation, which excludes volatile food and energy prices, rose to 3 per cent from 2.8 per cent in November.

Meanwhile, the US gross domestic product (GDP) increased at a 1.4 per cent annual rate in the fourth quarter of 2025, well below the 2.5 per cent growth market analysts had projected, according to data released on Friday by the US Bureau of Economic Analysis. The data release was delayed by a month due to the federal government shutdown, which economists estimate stripped between 0.25 and 1.5 percentage points from the quarterly growth.

In corporate news, major technology shares mostly advanced on Friday. Alphabet shares climbed 3.74 per cent, while Amazon rose approximately 2.5 per cent. Nvidia, Apple, and Meta each gained more than 1 per cent. Microsoft recorded a slight decline, and Tesla ended the session unchanged. Investors now will turn their focus to Nvidia's earnings next week.  

-- BERNAMA-XINHUA