US stocks close higher and offset losses after absorbing the tariffs decision

US stocks offset their earlier losses reached today and closed the last session of the week higher after the markets digested the decision of Trump's administration to increase tariffs.

The US decision to increase US tariffs from 10% to 25% on Chinese goods worth $200 billion, came into effect starting from today.

Trump said the tariffs could be canceled, but such a decision would be based on the outcome of future negotiations with the Chinese side.

US government data showed that the consumer price index registered its second consecutive monthly rise, as it rose by 0.3% in April.

On the other hand, West Texas fell 0.1% to $61.66 a barrel, and posted a weekly loss of 0.4%. with the session's highest at $62.4 and the lowest at $61.4.

In contrast, Brent rose 0.3% to close at $70.62 a barrel, but posted a weekly loss of 0.3%, hitting a high of $71.2 and a low of $70.1.

At the close of trading, the Dow Jones Industrial Average rose by 0.4% (114 points) to close at 25,942 points, and posted a weekly loss of 2.1%, while the highest level at 26,019 points and the lowest level at 25,469 points.

Nasdaq rose 0.1% (equivalent to six points) to 7,917 points, and recorded a weekly loss of 3%, while the highest level at 7949 points and the lowest level at 7759 points.

Standard & Poor's closed the session up 0.4% (equivalent to 10 points) to 2,881 points, and recorded a weekly loss of 2.2%, reaching a high of 2891 points and a low of 2825 points.