Market Performance - Wall Street closed higher with all three major stock indexes ending in positive territory, driven by optimism regarding potential tariff recalls and strong economic data [1] - The Dow Jones Industrial Average (DJI) rose 0.5% or 225.76 points to close at 47,311.00, with 16 of the 30 components in positive territory [2] - The Nasdaq Composite increased by 0.7% or 151.16 points, closing at 23,499.78, largely due to the strong performance of AI infrastructure companies [2] - The S&P 500 gained 0.4% to finish at 6,796.29, with nine out of eleven sectors in positive territory, particularly the Consumer Discretionary and Materials sectors [3] Volatility and Trading Activity - The CBOE Volatility Index (VIX) decreased by 5.2% to 18.01, indicating reduced market fear [4] - A total of 19.17 billion shares were traded, which is lower than the 20-session average of 20.96 billion, suggesting a decrease in trading volume [4] - Advancers outnumbered decliners on the NYSE by a ratio of 2.09-to-1, and on the Nasdaq, the ratio was 1.84-to-1, indicating overall positive market sentiment [4] Legal Context of Tariffs - The Supreme Court began hearing arguments regarding the legality of tariffs imposed by the Trump administration, questioning the authority under the International Emergency Economic Powers Act (IEEPA) [5] - U.S. Solicitor General argued that the tariffs are incidental and not primarily revenue-raising, but justices expressed skepticism about the President's authority [6] - Chief Justice John Roberts highlighted that imposing taxes is traditionally a power of Congress, raising doubts about the tariffs' legal standing [7]