Markets show no war fears, tariff effects as Stocks close at new high

U.S. stocks closed at an all-time high Friday, another milestone in the market’s remarkable recovery from a springtime plunge caused by fears that the Trump administration’s trade policies could harm the economy.

The S&P 500 rose 0.5%, finishing above its previous record set in February. The key measure of Wall Street’s health fell nearly 20% from February 19 through April 8.

The Nasdaq composite gained 0.5% and set its own all-time high. The Dow Jones Industrial Average rose 1%.

The gains on Friday were broad, with nearly every sector within the S&P 500 rising. Nike soared 15.2% for the biggest gain on the market despite warning of a steep hit from tariffs.

The broader market has seemingly shaken off fears about the Israel-Iran war disrupting the global supply of crude oil and sending prices higher. A ceasefire between the two nations is still in place.

The price of crude oil was mostly unchanged.

Americans cut spending as inflation rises from 2.1% in April to 2.3% in May

A key inflation gauge moved higher in May in the latest sign prices remain stubbornly elevated while Americans also cut back on their spending last month.

Prices rose 2.3% in May compared with a year ago, up from just 2.1% in April, the Commerce Department said Friday. Excluding the volatile food and energy categories, core prices rose 2.7% from a year earlier, an increase from 2.6% the previous month. Both figures are modestly above the Federal Reserve’s 2% target. The Fed tracks core inflation because it typically provides a better guide to where inflation is headed.

At the same time, Americans cut back on purchases for the first time since January, as overall spending fell 0.1%. Incomes dropped a sharp 0.4%. Both figures were distorted by one-time changes: Spending on cars plunged, pulling down overall figures, because Americans had moved more quickly to buy vehicles in the spring to get ahead of tariffs.

Judge upholds ruling ordering OpenAI to preserve data in copyright lawsuit

A federal judge has upheld a ruling directing OpenAI to preserve logs and data slated for deletion after news outlets suing the technology giant, including Media News Group, accused the company of hiding evidence of copyright infringement.

The ruling, issued Thursday in Manhattan Federal Court, denied the company’s objection to an earlier court order directing OpenAI to keep any data used to train its artificial intelligence bots — logs which plaintiffs say may contain details of widespread content piracy.

OpenAI executives have maintained that they are merely safeguarding users’ privacy by objecting to any data retention request or order.

“That is absolutely false,” said Steven Lieberman, a lawyer representing the New York Daily News, a sister publication of the Southern California News Group, and several other media outlets. “The judge has made clear and plaintiffs have made clear that they don’t want to receive information that personally identifies the users of these conversations.”

Compiled from Associated Press and New York Daily News reports.