US stocks end with gains on hope for extended tariff deadline

ISTANBUL

US stocks ended higher Thursday as investors welcomed news that a US tariff deadline could be extended.

The Dow Jones Industrial Average rose 0.94%, or 404.41 points, to close at 43,386.84.

The Nasdaq Composite went up 0.97%, or 194.36 points, to end at 20,167.91, and the S&P 500 earned 0.8%, or 48.86 points, to 6,141.02.

The White House indicated Thursday that US President Donald Trump might extend his deadline on reciprocal tariffs.

Spokesperson Karoline Leavitt said the deadline is "not critical" in response to a question on whether the president is still committed to reaching trade agreements by the deadline.

"Perhaps it could be extended, but that’s a decision for the president to make," Leavitt added.

On the macroeconomic data side, the US economy shrank at a 0.5% annual pace from January through March, above an early estimate of a 0.2% contraction.

The goods trade deficit rose 11.1% from the previous month to $96.6 billion in May, higher than market estimates.

Meanwhile, new durable goods orders in the US climbed 16.4% in May, compared to the previous month, higher than forecasts, also the largest monthly gain since July 2014.