U.S. stocks close higher to end the week

U.S. stocks closed higher on Friday, with all three major indexes advancing to finish the week on a positive note.

The Dow Jones Industrial Average gained 206.97 points, or 0.47 percent, to finish at 44,175.61. The Standard and Poor's 500 rose 49.45 points, or 0.78 percent, to 6,389.45, while the Nasdaq Composite climbed 207.32 points, or 0.98 percent, to 21,450.02.

Eight of the 11 primary Standard and Poor's 500 sectors ended in green, with technology and communication services leading the gainers by rising 1.22 percent and 1.21 percent, respectively. Meanwhile, real estate and utilities led the laggards by going down 0.82 percent and 0.45 percent, respectively.

U.S. President Donald Trump on Friday warned U.S. courts against overturning his tariff policy, which officially took effect at midnight Thursday.

Among the steepest new duties are a 41 percent rate on goods from Syria and 40 percent rates on imports from Laos and Myanmar.

Mega-cap technology stocks largely posted gains. Apple jumped 4.24 percent, marking its third consecutive day of strong advances. Alphabet added 2.49 percent, Tesla increased 2.29 percent, while Nvidia and Meta Platforms each gained around 1 percent. Microsoft and Broadcom ended slightly higher, whereas Amazon edged lower.

Looking ahead, investors will turn their attention to fresh inflation data next week as they prepare for the Federal Reserve's annual Jackson Hole symposium in late August.

U.S. stocks close higher to end the week

The multilateral system is "under attack" amid global turmoil, President of the 80th UN General Assembly Annalena Baerbock warned in her remarks on Wednesday.

In her briefing on the priorities for the resumed 80th Session of the General Assembly, the UNGA president noted that the current multilateral system does not collapse all in a sudden, but "crumbles piece by piece" in divisions, compromises, and lack of political commitment.

The president called all the UN member states to defend the UN Charter and international law and promote cross-regional cooperation.

She also urged to push forward the work of the UNGA on certain critical issues with a strong majority, rather than an absolute consensus among all member states. Such act is not a failure of multilateralism, but "an affirmation of it," she said.

The foundational principles of the institution should not be eroded by appeasement, she said, calling the member states to show courage, leadership, and responsibility at the UN's "critical make-or-break moment."

"The UN needs you. Your support, your leadership, your principle, stand, your cross-regional cooperation, if we are to preserve and modernize this institution, if we are to make it, rather than break it," she said.

UNGA President warns global multilateral system "under attack"