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WALL STREET INDEXES END HIGHER AS SUPREME COURT RULES AGAINST TRUMP TARIFFS

The three major U.S. stock indexes ended a volatile session higher on Friday after the U.S. Supreme Court ruled against President Donald Trump's tariffs, with Consumer Discretionary .SPLRCD among the biggest sector gainers.

The S&P 400 Mid-Cap Index .MID, S&P 500 Industrials .SPLRCI and S&P 500 Equal-Weighted Index .SPXEW each registered record closing highs.

The court ruled 6-3 against Trump's global tariffs, enacted last year under a federal law meant for national emergencies. Trump afterward responded with fury and said he would impose a 10% global tariff for 150 days under Section 122 of the Trade Act.

Shares of some retailers gained, including Williams-Sonoma WSM.N following the ruling. The SPDR Retail ETF XRT.P rose 0.73%.

Investors are mulling the impact of the ruling. But Penn Wharton Budget Model economists have said there is a risk that more than $175 billion in U.S. tariff collections will need to be refunded.

Investors also digested data from earlier in the day, including that U.S. economic growth slowed more than expected in the fourth quarter. Another report showed the personal consumption expenditures price index, excluding the volatile food and energy components, rose 0.4%, after an unrevised 0.2% gain in November and above the 0.3% estimate.

Here is the closing market snapshot:

(Caroline Valetkevitch) *****

EARLIER ON LIVE MARKETS:

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