US stocks gained on Friday, setting the three major indexes on course to finish the week higher.
The Dow Jones Industrial Average rose 139 points, or 0.3%, while the S&P 500 and the Nasdaq Composite each advanced 0.3%.
For the week, the S&P 500 is tracking a 2% gain, the Dow is on pace to rise 1.2%, and the Nasdaq is headed for a 3.2% advance.
Friday’s gains followed a mixed session on Thursday, when the Dow and S&P 500 ended lower, while the Nasdaq outperformed.
The Dow experienced sharp intraday swings, climbing as much as 305 points before falling nearly 394 points at its session low.
The moves come as President Donald Trump’s “reciprocal” tariffs took effect at midnight Thursday, with some of the steepest duties including a 41% rate on Syria and 40% on Laos and Myanmar.
Markets initially rallied Thursday morning after Trump said his planned 100% tariff on imported semiconductor chips would not apply to companies manufacturing in the United States.
Later that day, Trump announced his nomination of Stephen Miran, chair of the Council of Economic Advisors, to fill the Federal Reserve Board of Governors seat vacated by Adriana Kugler.
Miran is set to serve the remainder of Kugler’s term, which expires in January, pending Senate confirmation.
Trump appoints Kugler’s replacement
Economists and investors speculating over who would succeed Adriana Kugler on the Federal Reserve’s Board of Governors received clarity on Thursday, as President Donald Trump announced his intention to nominate Stephen Miran, chair of the Council of Economic Advisors.
Trump said Miran would serve the remainder of Kugler’s term, which runs until January 31, 2026, while the administration searches for a permanent replacement.
The appointment, which requires Senate confirmation, would place a Trump ally on the Federal Open Market Committee at a time when the White House is urging the central bank to cut interest rates.
Trump’s decision to nominate Stephen Miran also highlighted his ongoing search for the next Federal Reserve chair.
He has publicly discussed potential candidates, including current economic adviser Kevin Hassett and former Fed governor Kevin Warsh, while a report on Thursday indicated that current governor Christopher Waller is viewed as the leading contender by his team.
Meanwhile, market expectations remain firmly tilted toward a rate cut in September, with about 90% of bets on the current Fed moving in that direction.
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