Wed, 22 May 2019

Wall Street closes week on positive note

Afghanistan News
13 Oct 2018, 11:31 GMT+10

NEW YORK, New York - Investors breathed a sigh of relief on Friday as stock indices finally bounced off the bottom and put on a brave front to finish the week on a positive note.

Losses over the previous six days had left stocks ripe for a correction higher, with many investors bargain-hunting on Friday.

The Dow Jones, which had shed more than 1,900 points since its record high earlier this month, recovered 287.16 points or 15% of those on Friday. The Dow closed the week at 25,339.99, a gain of 1.15% on the day.

The Standard and Poor's 500 rose 38.76 points or 1.42% to 2,767.13.

The tech-laden Nasdaq Composite gained 167.83 points or 2.29% at 7,496.89.

It was fitting that technology stocks were most in demand Friday as they had borne the brunt of the losses over the past week.

The Standard and Poor's technology index .SPLRCT rose 3.2%, the index's biggest one-day gain in 7 months.

People are starting to buy in, thinking the higher-flying growth stocks were oversold. They wanted to get in before next week when (third quarter) earnings start coming, Janna Sampson, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois told the Reutters Thomson news agency.

If earnings come out good I think this rally is sustainable if we dont get negative trade news. Trade news is the wild card. Thats the big if, Sampson added.

Apple and Microsoft led the rebound in technology stocks, each rising more than 3%

The U.S. dollar remained lower on Friday despite the Fed's stated intentions of pushing interest rates higher. The Federal Reserve is at odds with President Donald Trump who reiterated on Wednesday he was not in agreement with the Fed's policy. In an interview he said "The Fed is going loco and theres no reason for them to do it. Im not happy about it,

The euro finished the day's trading on Friday, and the week, around 1.1557, a touch below its high for the day of 1.1610.

The British pound was robust, trading at 1.3146 Friday, although earlier in the day it had risen to a high of 1.3257.

The Japanese yen was in demand at 112.20, while the Swiss franc changed hands at 0.9916.

The Australian dollar was stronger at 0.7110 Friday, the Canadian dollar at 1.3019, and the New Zealand dollar at 0.6511.

Markets overseas have not fallen in line with the U.S. market but have endured losses. Prior to the American recovery on Friday, international stock indices were little changed.

Japan's Nikkei 225 was down 103.80 points or 0.46% to 22,694.7.

The German Dax lost 15.54 points or 0.13% to 11,523.81.

London's FTSE 100 was off 11 points or 0.16% at 6,995.9.

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