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Stocks- Wall Street Rises Despite Political Uncertainty

Investing.com
Wall Street was higher on Friday.
Wall Street was higher on Friday.

Investing.com – Wall Street inched up on Friday as investors struggled to shrug off political uncertainty in Washington.

The S&P 500 was up nine points or 0.33% to 2,756.42 as of 9:42 AM ET (13:42 GMT) while the Dow composite increased 54 points or 0.22% to 24,927.85, and tech heavy NASDAQ Composite rose 18 points or 0.25% to 7,500.55.

U.S. President Donald Trump has decided to fire national security adviser H.R. McMaster, according to the Washington Post. It’s the latest in a string of White House fires and resignations. Last week former economic adviser Gary Cohn resigned after speaking out against Trump’s tariffs on steel and aluminum while Secretary of State Rex Tillerson was fired earlier this week.

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Meanwhile markets were in turmoil over a potential trade war. A Trump imposed import tariff on steel and aluminum has left traders on edge, as increased fears of a global trade war weigh on investor appetite for riskier assets.

Software company Adobe Systems Incorporated (NASDAQ:ADBE) was among the top gainers after the morning bell, jumping 3.51% after a stronger than expected first quarter. Qualcomm (NASDAQ:QCOM) rose 1.57% after news that Paul Jacobs, former chairman of the firm, is seeking funding for a buyout. Meanwhile Ford Motor (NYSE:F) increased 0.72% and Micron Technology Inc (NASDAQ:MU)gained 1.12%.

Elsewhere Broadcom (NASDAQ:AVGO) fell 2.35% while Overstockcom Inc (NASDAQ:OSTK) slumped 11.00% after reporting a 13% drop in fourth quarter revenue.

In Europe stocks were mixed. In Germany the DAX rose eight points or 0.07% while France’s CAC 40 decreased a point and a half or 0.03% and in London the FTSE 100 was up two points or 0.03%. Meanwhile Spain’s IBEX 35 rose 68 points or 0.72% and the pan-European Euro Stoxx 50 inched up 10 points or 0.32%.

In commodities, gold futures fell 0.22% to $1,314.60 a troy ounce while crude oil futures inched up 0.02% to $61.20 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was up 0.07% to 90.20.

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