The Nasdaq ended Friday at 21,450.02, a new record close after a 0.98% gain. The index also touched a fresh intraday high earlier in the day, continuing a surge that has dominated the week.
The S&P 500 rose 0.78% to 6,389.45, just short of its own record, while the Dow Jones Industrial Average added 206.97 points, a 0.47% climb, closing at 44,175.61.
All three major indexes finished the week in positive territory. The Dow advanced about 1.4%, the S&P 500 added 2.4%, and the Nasdaq outperformed both with a 3.9% jump over the five sessions. The rally was led by big technology names, with Apple’s surge standing out as the primary driver of momentum.
Apple’s rise boosts tech sector and major indexes
Apple’s stock gained 13% this week, its strongest weekly performance since July 2020. The company announced plans to spend $600 billion over the next four years in the United States.
The investment plan came as President Donald Trump unveiled a 100% tariff on imported semiconductors and chips, but included an exemption for companies manufacturing domestically. This exemption positioned Apple to benefit, and the stock gained another 4.2% on Friday alone.
Trump’s announcement earlier in the week sparked heavy trading in tech stocks. Investors reacted to the tariff news by piling into companies with significant U.S. production.
The market saw Apple’s plan as aligning with this policy, amplifying demand for its shares and adding strength to the tech-heavy Nasdaq and the S&P 500’s technology sector.
The iPhone maker’s performance carried substantial weight because of its size in the indexes. Its surge added billions in market value and was a major factor in pushing the Nasdaq to fresh highs. Apple’s strong rally also contributed to the S&P 500’s close being within reach of a record.
Tariff policy and market reaction shape the week’s gains
Trump posted on Truth Social that tariffs were having “a huge positive impact on the Stock Market” and claimed new records were being set almost daily. He said hundreds of billions of dollars were entering U.S. government accounts, and warned that if a court were to block the measures at this stage, it could trigger a situation comparable to the Great Depression of 1929.
He argued that any adverse court decision would damage “the wealth, strength, and power of America” and could prevent the country from achieving such economic conditions again.
Trump wrote that “there is no way America could recover from such a judicial tragedy,” while adding that the nation “deserves success and greatness, not turmoil, failure, and disgrace.”
The 100% semiconductor tariff, with its manufacturing exemption, was viewed by investors as less damaging than feared. Analysts noted that markets had been preparing for a broader hit to tech supply chains, but the targeted approach eased those concerns.
The tariff policy also applied to a list of other imports from certain countries, with the steepest duties including 41% on goods from Syria, and 40% on goods from both Laos and Myanmar. These reciprocal tariffs officially took effect at midnight Thursday.
The combination of these policies and the exemption for domestic producers drove a significant divergence in stock performance. U.S.-based tech manufacturing firms saw immediate benefits in share prices, while companies more dependent on foreign chip supply faced pressure.
The week’s market movement was not limited to technology. Gains in the Dow were supported by a mix of industrial and consumer-related stocks, though the biggest point contributions came from tech components within the index. The S&P 500’s near-record close reflected broad participation across multiple sectors, even as technology remained the most prominent driver.
Trading volume on Friday was elevated as investors positioned themselves ahead of the weekend. Analysts pointed out that the move into record territory for the Nasdaq was supported not only by Apple, but by other large-cap technology names benefiting from the same tariff exemptions. Semiconductor producers with U.S. plants also saw sizable rallies.
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