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The Dow Jones Industrial Average gained more than 100 points today and had its best week since June 8. In today's After the Fall, we...

•...explain why the market appeared to shrug off tariff announcements this week;

•...highlight Paccar's (PCAR) 2.8% rise;

•...and wonder why Mattel (MAT) was the S&P 500's worst performer.

Hooray for tariffs!

How else to respond to a week that saw the Trump administration announce tariffs on another $200 billion in Chinese goods, only to see the market rally this week, and rally hard? The S&P 500 gained 1.5% after advancing 0.1% to 2801.31 today, while the Dow Jones Industrial Average climbed 562.93 points, or 2.3%, after rising 94.52 points, or 0.4%, to 25,019.41 today. The Nasdaq Composite gained 1.8% this week after finishing little changed at 7825.98 today.

Or maybe it wasn't a celebration but just an acknowledgement that investors saw it coming. The thing about the market is that it's always looking ahead, and the gains this week suggest that it's looking past this week's news to...something else. "Tariffs aren’t a problem...once they’re discounted," writes Frank Gretz of Wellington Shields.

But that doesn't mean that they won't be next week, or further down the road. In downgrading the industrial sector today, RBC strategist Lori Calvasina reminded investors that "protectionism was a clear rallying cry for the Trump campaign in the summer of 2016, and we suspect the tough stance on trade will remain in place until the mid-term elections." Trade policy could also hit corporate confidence, which would also be a headwind for industrial stocks. "In the absence of a clear valuation case for the sector...we think it is prudent to step to the sidelines on Industrials," she argues.

And while the market might not have cared about those things this week, there's always next week.

The Hot Stock

Paccar (PCAR) landed at the top of the S&P 500 on Friday, as investors shook off worries about tariffs.

Paccar gained $1.72, or 2.8%, to $63.45.

Paccar, like other industrial stocks, has been hit hard by tariff tensions; the sector is seen as a loser in any potential trade war. However, major indexes gained on Friday, as the beginning of second-quarter earnings season helped distract from tariffs, and Paccar was a beneficiary of that renewed optimism.

Year to date, Paccar has fallen 10.7%, and it's off 7.4% in the past 12 months. —Teresa Rivas

The S&P 500's Top 5 Stocks



Paccar (PCAR): 2.8%

Ulta Beauty (ULTA): 2.8%

Starbucks (SBUX): 2.7%

American Airlines Group (AAL): 2.2%

Walgreens Boots Alliance (WBA): 2%

The Biggest Loser

Some days, you just don't know why a stock did what it did. Today is one of those days.

Mattel (MAT) dropped 4.4% to $16.46, and I can't figure out why for the life of me. It's not like there was any news. And the stock hasn't been weak recently, either, as it had gained 4.8% this month...until today. Its earnings are on July 25, so no need to rush in and sell if you're worried about a miss.

But there was a lot of selling pressure, as this chart shows:

Would anyone be surprised if we learned why next week? —B.L.

The S&P 500's Bottom 5 Stocks



Mattel (MAT): -4.4%

Netflix (NFLX): -4.3%

Cisco Systems (CSCO): -4.1%

Broadcom (AVGO): -4%

Freeport-McMoRan (FCX): -2.8%

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