U.S. stocks close higher despite tariff uncertainty

NEW YORK, July 10 (Xinhua) -- U.S. stocks ended higher on Thursday, as investors shrugged off concerns about tariffs.

The Dow Jones Industrial Average rose 192.34 points, or 0.43 percent, to 44,650.64. The S&P 500 added 17.20 points, or 0.27 percent, to 6,280.46. The Nasdaq Composite Index increased by 19.33 points, or 0.09 percent, to 20,630.66.

Nine of the 11 primary S&P 500 sectors ended in green, with consumer discretionary and energy leading the gainers by adding 0.98 percent and 0.79 percent, respectively. Meanwhile, communication services and technology led the laggards by losing 0.48 percent and 0.12 percent, respectively.

Sentiment improved after a well-received 22 billion U.S. dollars auction of 30-year Treasury bonds. The bonds traded through their yield level, signaling robust investor appetite and easing concerns about rising borrowing costs. The strong auction helped keep pressure off interest rates and reassured equity markets amid ongoing uncertainty over trade policy and the Federal Reserve's next move.

Markets also found relief in the absence of new tariff threats from U.S. President Donald Trump during the day. While Trump revealed Wednesday evening that Brazil would face 50 percent tariffs on its exports to the United States, the move had largely been priced in and failed to rattle investors further.

"It doesn't really matter, because no one believes that when push comes to shove, President Trump will follow through on it. Instead, the market believes there will be carve-ups, exemptions and extensions, as has been the case this year and in Mr. Trump's previous presidential term," said David Morrison, senior market analyst at Trade Nation.

On the corporate front, Tesla gained 4.73 percent after CEO Elon Musk confirmed the electric vehicle maker will soon integrate Grok, the chatbot developed by his artificial intelligence startup xAI, into its vehicles. The announcement fueled investor optimism over Tesla's tech edge, following weeks of underperformance due to Musk's ongoing political feud with Trump.

Airline stocks led Thursday's rally after Delta Air Lines delivered second-quarter earnings that topped expectations and raised its full-year profit outlook. Delta shares soared 12 percent, while United Airlines jumped 14.33 percent and Southwest Airlines rose 8.14 percent, placing all three among the day's top S&P 500 performers.

On the economic front, the latest labor market data also supported the bullish tone. Initial jobless claims fell more than forecast last week, as the report indicated that 227,000 Americans filed for unemployment benefits in a week, compared to analyst forecast of 235,000, offering fresh evidence that the labor market remains resilient despite signs of broader economic slowdown.

Meanwhile, the average rate on a 30-year fixed mortgage climbed to 6.72 percent as of Wednesday, up from 6.67 percent the previous week, according to data released by Freddie Mac. Enditem