Wall Street’s key stock indices rose on Thursday after a US court blocked many of President Donald Trump’s tariffs and on better than expected Nvidia earnings.
The US Court of International Trade late on Wednesday ruled that Trump’s broad imposition of tariffs had overstepped his authority, barring most of the duties announced since he took office in January.
At the opening bell, the Dow Jones Industrial Average rose 91.3 points, or 0.22%, to 42190.02. The S&P 500 rose 51.4 points, or 0.87%, to 5939.96, while the Nasdaq Composite rose 288.5 points, or 1.51%, to 19389.392.
Meanwhile, Artificial Intelligence -chip developer Nvidia reported a mammoth $18.8 billion in quarterly profits, even with a multi-billion dollar hit from US export controls. Its quarterly sales surged 69%.
On the economic data front, US government data showed the economy contracted 0.2% in the first quarter, a bit less than initially estimated.
