NEW YORK, New York – Stocks jumped sharply higher again on Friday with the Dow Jones industrials and Standard and Poor’s 500 registering new record closing highs.
A raft of data this week sent mixed signals to the market with investors and traders now resigned to next month’s Fed move to be a 25 basis points cut, in place of a 50 basis points cut.
“Overall, these numbers are getting less impactful as inflation moderates,” David Russell, global head of market strategy at TradeStation told CNBC Friday in response to the mixed data. “The Fed could still be on track for 25 basis points at the next two meetings,” he said.
The Standard and Poor’s 500 rose by 0.61 percent, closing at a new all-time high of 5,815.03, an increase of 34.98 points.
The Dow Jones Industrial Average climbed 0.97 percent, ending the day at 42,863.86, with a gain of 409.74 points, another new record close.
Meanwhile, the tech-heavy NASDAQ Composite added 0.33 percent, closing at 18,342.94 after gaining 60.89 points.
Foreign Exchange Market Sees Mixed Movements on Friday
The global foreign exchange market experienced a mix of slight gains and minor declines across major currency pairs on Friday, while the US Dollar Index eased by 0.08 percent, to 102.90.
The Euro dipped slightly against the US Dollar, with the EUR/USD pair down by 0.01 percent, to trade at 1.0935.
Meanwhile, the US Dollar strengthened against the Japanese Yen, with the USD/JPY pair rising by 0.38 percent to 149.12.
In North America, the US Dollar gained 0.13 percent against the Canadian Dollar, with the USD/CAD pair settling at 1.3759.
Across the Atlantic, the British Pound advanced 0.08 percent against the US Dollar, with the GBP/USD pair firming to 1.3067.
The US Dollar also made gains against the Swiss Franc, with the USD/CHF pair up by 0.17 percent, last trading at 0.8571.
In the Pacific, the Australian Dollar strengthened against the US Dollar, with the AUD/USD pair rising by 0.21 percent to 0.6754.
Similarly, the New Zealand Dollar climbed 0.31 percent against the US Dollar, with the NZD/USD pair changing hands at 0.6110.
Global Stock Markets Close Friday with Mixed Results
On Friday, stock markets across the globe closed with mixed performance as major indices posted gains while others saw minor declines.
CANADA
In Canada, the S&P/TSX Composite Index advanced 0.70 percent, closing at 24,471.17, with a 168.91-point increase.
UNITED KINGDOM
In London, the FTSE 100 in London rose by 0.19 percent, closing at 8,253.65, gaining 15.92 points.
EUROPE
Meanwhile, Germany’s DAX PERFORMANCE-INDEX surged 0.85 percent to 19,373.83, up 162.93 points.
In France the CAC 40 advanced by 0.48 percent, ending at 7,577.89, with a 36.30 point increase.
The Euro Stoxx 50 index gained 0.68 percent Friday, closing at 5,003.92 with a 33.58-point rise, while the Euronext 100 Index climbed 0.63 percent to reach 1,493.95.
The BEL 20 in Belgium saw an increase of 0.86 percent, finishing at 4,283.23 after adding 36.40 points.
ASIA
In Asia, Hong Kong’s Hang Seng Index soared by 2.98 percent, closing at 21,251.98, a gain of 614.74 points.
In China the SSE Composite Index dropped by 2.55 percent, closing at 3,217.74, while Japan’s Nikkei 225 advanced by 0.57 percent, closing at 39,605.80.
On the other hand, in Singapore the STI Index dipped by 0.32 percent Friday, ending the session at 3,573.76, down 11.53 points.
South Korea’s KOSPI Composite Index dipped slightly by 0.09 percent, closing at 2,596.91. T
In Taiwan the TSEC weighted index saw a strong gain of 1.07 percent, closing at 22,901.64.
In Southeast Asia on Friday, the IDX Composite in Indonesia added 0.54 percent, finishing at 7,520.60, a 40.52 point gain.
Malaysia’s FTSE Bursa Malaysia KLCI declined by 0.45 percent, closing at 1,633.55.
In India the S&P BSE Sensex dropped by 0.28 percent to 81,381.36, losing 230.05 points.
OCEANIA
Australia’s S&P/ASX 200 slipped by 0.10 percent, closing at 8,214.50, while the All Ordinaries in Australia fell by 0.08 percent, ending at 8,491.50.
New Zealand’s S&P/NZX 50 climbed 0.71 percent, ending at 12,845.64.
MIDDLE EAST
Middle East markets were mostly closed on Friday and will reopen on Sunday.
AFRICA
In South Africa, the Top 40 USD Net TRI Index advanced by 1.52 percent, closing at 4,812.19.
