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Supreme Court Strikes Down Trump's Global Tariffs, Sending Stocks Higher | Closing Bell
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February 20, 2026
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9:46Now PlayingWatch comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Carol Massar and Emily Graffeo.
Stocks advanced while bonds and the dollar slipped as traders deemed the rejection of Donald Trump’s tariff program to be a potential stress on government finances that is unlikely to change the economy’s course.
After a brief drop, the S&P 500 bounced. The president, rebuked by Supreme Court justices earlier in his bid to impose far-reaching tariffs, said he’ll impose a 10% global levy on trading partners, and claimed that various categories of his existing program remain in place. Still, uncertainties about any potential budget shortfall kept a lid on the greenback and Treasuries.
“The Supreme Court did not overrule tariffs, they merely overruled a particular use of IEEPA tariffs,” Trump told reporters Friday, referencing the emergency authorities that the high court found illegal. “Now I’m going to go in a different direction, probably the direction that I should have gone the first time.”
The S&P 500 added 0.7% Friday, notching its best week since Jan. 9. An ETF tracking emerging markets hit all-time highs. The yield on 10-year Treasuries rose two basis point to 4.08%. The dollar slid 0.2%.
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