US stocks end higher despite uncertainty over tariffs

ISTANBUL

US stocks ended higher Thursday, despite the uncertain situation surrounding President Donald Trump’s tariffs.

A morning rally after the US Court of International Trade blocked the sweeping tariffs on Wednesday, saying that Trump overstepped his authority, was later pared after the White House appealed the decision, arguing that it harmed the government's diplomacy and interfered with the president's authority.

The appeals court decided to temporarily suspend the implementation of the Court of International Trade’s decision.

On the macroeconomic data side, the US Department of Commerce released its second estimate of Gross Domestic Product (GDP) for the first quarter of the year.

According to the estimate, the US economy experienced a contraction of 0.2% in the first quarter of the year, primarily driven by a significant increase in imports and a decrease in government spending, meaning the country's GDP shrank during the January-March period.

Preliminary data released last month had predicted that the US economy would contract by 0.3%.

The number of people filing for unemployment benefits for the first time in the country also rose by 14,000 to 240,000 in the week ending May 24, exceeding market expectations.

In addition, Trump and Federal Reserve Chair Jerome Powell met to discuss economic developments such as growth, employment and inflation.

The Dow Jones Industrial Average rose 0.28%, or 117.03 points, to close at 42,215.73.

The Nasdaq Composite increased by 0.39%, or 74.93 points, to 19,175.87 and the S&P 500 went up by 0.40%, or 23.62 points, to 5,912.17.

The VIX Index, also known as the “fear index," fell 0.67% to 19.18.