Stocks remain calm after Supreme Court strikes down Trump tariffs

Wall Street kept calm Friday after the Supreme Court struck down President Trump's sweeping tariffs, which had triggered panic in financial markets when announced last year, and stocks ticked higher.

- By Stan CHOE

The Standard & Poor's 500 rose rose 47.62 points, or 0.7%, to 6,909.51. It had been flipping between small gains and losses before the court's ruling, following discouraging reports showing slowing growth for the U.S. economy and faster inflation.

The Dow Jones Industrial Average added 230 points, or 0.5%, to 49,625.97. The Nasdaq composite rose 203.34, or 0.9%, to 22,886.07.

Many on Wall Street were likely expecting such a ruling from the Supreme Court, according to Brian Jacobsen, chief economic strategist at Annex Wealth Management. That likely led to the relatively muted reactions across financial markets, and trading remained tentative as investors tried to suss out the long-term effects.

Tariffs also aren't going away, even with the Supreme Court's ruling.

Trump in the afternoon said he would use other avenues to put taxes on imports from other countries.

He said he would sign an executive order to impose a 10% global tariff under a law that could limit it to 150 days.