Stocks rose in morning trading on Wall Street Friday, keeping the market on track for its third weekly gain in the last four.

The S&P 500 was up 0.6% and sitting just below its record. The benchmark index is on track to recover most of its losses from a slide last week.

Millions of Americans saving for retirement through 401(k) accounts could have the option of putting their money in higher-risk private equity and cryptocurrency investments, according to an executive order signed Thursday by President Donald Trump that could give those financial players long-sought access to a pool of funds worth trillions.

There is no immediate change in how people invest part of their work earnings. Federal agencies would need to rewrite rules and regulations to allow the expanded choices, and that would take months or more to complete. But once done, employers could offer a broader array of mutual funds and investments to workers, according to the White House. New plans could invest in alternative assets, particularly private equity, cryptocurrencies and real estate.

President Donald Trump began imposing higher import taxes on dozens of countries Thursday just as the economic fallout of his monthslong tariff threats has begun to cause visible damage to the U.S. economy.

Just after midnight, goods from more than 60 countries and the European Union became subject to tariff rates of 10% or higher. Products from the EU, Japan and South Korea are taxed at 15%, while imports from Taiwan, Vietnam and Bangladesh are taxed at 20%. Trump also expects the EU, Japan and South Korea to invest hundreds of billions of dollars in the United States.

President Donald Trump signed an executive order Wednesday to place an additional 25% tariff on India for its purchases of Russian oil, bringing the combined tariffs imposed by the United States on India to 50%.

The tariffs would go into effect 21 days after the signing of the order, meaning that both India and Russia might have time to negotiate with the administration on the import taxes.

Wall Street is holding relatively steady on Wednesday following a mixed set of profit reports from such giants as McDonald's and The Walt Disney Co.

The S&P 500 was up 0.2% in early trading. The Dow Jones Industrial Average was up 18 points, or less than 0.1%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.4% higher.

The economic commission of Iran's parliament revived long-delayed plans on Sunday to cut four zeros from the country's plunging currency, as part of efforts to simplify financial transactions.

U.S. trade partners reacted Friday to President Donald Trump's executive order that would introduce new tariffs on many of them in seven days, as the global economy and alliances face another test from the president's trade agenda.

Trump's order issued Thursday night came after a flurry of tariff-related activity in recent days as the White House announced agreements with various nations and blocs before a deadline set by the president for Aug. 1.

Sweden on Thursday called on the EU to suspend the trade section of its association agreement with Israel over its conduct of the war in Gaza.

"The situation in Gaza is absolutely appalling, and Israel is failing to fulfil its most basic obligations and agreements on emergency aid. Sweden therefore demands that the EU freeze the trade section of the association agreement as soon as possible," Prime Minister Ulf Kristersson said in a post to X, calling on the Israeli government to allow "unhindered humanitarian aid into Gaza."

Canada's support for Palestinian statehood makes a trade deal with Ottawa "very hard", U.S. President Donald Trump said early Thursday.

"Wow! Canada has just announced that it is backing statehood for Palestine. That will make it very hard for us to make a Trade Deal with them. Oh' Canada!!!" Trump wrote on Truth Social.

Iran on Thursday described as "malicious" fresh U.S. sanctions targeting a shipping empire controlled by the son of a top political advisor to Iran's supreme leader.

Foreign ministry spokesman Esmaeil Baqaei in a statement called "the new U.S. sanctions against Iran's oil trade a malicious act aimed at undermining the economic development and welfare of the Iranian people".