The Dow Jones Industrial Average rose on Friday, led by gains in Apple and IBM, as investors pored through newly proposed tariffs on U.S. goods by China and fresh jobs data.
The 30-stock index gained 136.42 points to close at 25,462.58 as Apple rose 0.3 percent, adding to its market cap of more than $1 trillion. The tech giant reached the milestone for the first time on Thursday as investors cheered strong quarterly results released earlier this week. IBM also contributed to The Dow's gains, rising more than 3 percent.
The three major indexes closed higher for the week, with the S&P 500 and Nasdaq rising 0.8 percent and 1 percent, respectively. The Dow rose just 0.04 percent this week. The S&P 500 and Dow also posted their fifth straight weekly gain.
China said Friday it will slap tariffs on $60 billion in U.S. goods, with charges ranging from 5 percent to 25 percent. Many of the goods are agricultural-related, with others on various metals and chemicals.
The action would be in response to increasingly protectionist policies taken by the U.S. on trade. Earlier this week, President Donald Trump instructed U.S. Trade Representative Robert Lighthizer to consider raising proposed tariffs on $200 billion in Chinese goods to 25 percent from 10 percent.
Scott Clemons, chief investment strategist at Brown Brothers Harriman, said he is not too worried about these tariffs yet. "Even if you take the proposed tariffs into account, the impact would be rather limited," he said. "from a macroeconomic standpoint, it's still pretty small."