Supreme Court Ruling Fuels Stock Surge

U.S. stocks closed higher on Friday, with significant contributions from Alphabet, Amazon, and other major Wall Street entities. This rise followed the Supreme Court's decision to invalidate President Donald Trump's global tariffs, a ruling that many investors interpreted as a positive turn.

President Trump criticized the decision, labeling it a 'disgrace.' He announced plans to impose a 10% global tariff for 150 days, thereby replacing the former emergency duties stricken by the court. Despite this, market sentiment improved as the new tariff was not as severe as feared, said Mike Dickson from Horizon Investments.

The market saw gains in major firms including Alphabet, Amazon, Apple, Mattel, and others. Legal challenges against Trump's tariffs could potentially lead to $175 billion in refunds. Economic data showed slowing growth and rising inflation, influencing expectations of a possible Fed rate cut by June.