Wall Street climbs again, U.S. dollar bounces higher
"The bull market lives on, supported largely by favorable fundamentals," Terry Sandven, chief equity strategist at U.S. Bank Wealth Management, told CNBC Friday. "Inflation is stable, interest rates are range-bound and earnings are trending higher, and that presents a favorable backward drop for stocks to trend higher. We still look for a risk-on bias to be intact as we move through this earnings season," Sandven said.
Key U.S. Index Performances
Standard and Poor's 500 (^GSPC): The broad-market benchmark rose 25.29 points, or 0.40 percent, closing at 6,388.64, supported by gains in tech and financial sectors. Trading volume reached 2.959 billion shares.
Dow Jones Industrial Average (^DJI): The blue-chip index climbed 208.01 points, or 0.47 percent, settling at 44,901.92, with 367.553 million shares traded.
NASDAQ Composite (^IXIC): The tech-heavy index advanced 50.36 points, or 0.24 percent, to 21,108.32, as heavyweight tech stocks saw mixed movements. Trading volume hit 10.07 billion shares.
Market Drivers
Investors welcomed strong earnings reports from major U.S. banks and tech firms, while easing inflation concerns bolstered sentiment. The Federal Reserve's recent signals of a potential pause in rate hikes also contributed to the upward momentum.
Outlook
Analysts expect markets to remain sensitive to upcoming economic data, including next week's jobs report and consumer spending figures. Any surprises could influence the Fed's policy path and market direction.
Global Forex Markets Show Mixed Movements as Dollar Gains Against Major Currencies
The foreign exchange market traded Friday with the U.S. dollar strengthening against several major currencies, while the euro and British pound faced selling pressure amid shifting economic sentiment.
Friday's Key Currency Movements
EUR/USD (Euro to US Dollar): The euro dipped slightly to 1.1744, down 0.02 percent as traders weighed European Central Bank policy expectations.
USD/JPY (US Dollar to Japanese Yen): The dollar rose 0.41 percent to 147.59 yen, amid widening US-Japan yield differentials.
USD/CAD (US Dollar to Canadian Dollar): The greenback climbed 0.55 percent to 1.3707, supported by weaker oil prices and a dovish Bank of Canada stance.
GBP/USD (British Pound to US Dollar): Sterling fell sharply by 0.53 percent to 1.3433, pressured by disappointing UK retail sales data.
USD/CHF (US Dollar to Swiss Franc): The dollar was nearly flat at 0.7948, edging down just 0.02 percent in cautious trading.
AUD/USD (Australian Dollar to US Dollar): The Aussie declined 0.41 percent to 0.6562, after earlier hitting a multi-month high of 0.6633, reflecting risk-off sentiment in Asian markets.
NZD/USD (New Zealand Dollar to US Dollar): The kiwi slipped 0.23 percent to 0.6013, tracking broader commodity currency weakness.
Market Drivers
The dollar's gains came as investors adjusted positions ahead of next week's Federal Reserve meeting, where policymakers are expected to maintain higher-for-longer interest rates. Meanwhile, the yen's slide reignited intervention concerns, with Tokyo officials warning against "excessive volatility."
Technical Analysis: "The EUR/USD is testing key support at 1.1720; a break lower could signal further downside."
Global Markets Close Mixed on Friday as Key Indices Show Varied Performance
Global stock markets ended the week with a mixed performance on Friday, as major indices saw fluctuations amid ongoing economic uncertainty.
Canadian Markets
North of the U.S. border, the S&P/TSX Composite Index (^GSPTSE) gained 122.09 points, or 0.45 percent, closing at 27,494.35, with 189.981 million shares exchanged. The rally was led by energy and materials stocks as commodity prices stabilized.
European Markets
The FTSE 100 (^FTSE) in London dipped slightly, closing at 9,120.31, down 18.06 points or 0.20 percent. Meanwhile, Germany's DAX (^GDAXI) fell 78.43 points or 0.32 percent to 24,217.50. France's CAC 40 (^FCHI) bucked the trend, gaining 16.30 points or 0.21 percent to 7,834.58.
The broader Euro Stoxx 50 (^STOXX50E) edged down 3.04 points or 0.06 percent to 5,352.16, while Belgium's BEL 20 (^BFX) lost 7.85 points or 0.17 percent, closing at 4,609.47.
Asia and Pacific Markets
Asian markets were mostly lower, with Hong Kong's Hang Seng (^HSI) dropping sharply by 278.83 points or 1.09 percent to 25,388.35. Singapore's STI (^STI) declined 11.99 points or 0.28 percent to 4,261.06.
Australia's S&P/ASX 200 (^AXJO) fell 42.50 points or 0.49 percent to 8,666.90, while the All Ordinaries (^AORD) dropped 45.10 points or 0.50 percent to 8,934.30.
However, Indonesia's IDX Composite (^JKSE) rose 12.60 points or 0.17 percent to 7,543.50, and New Zealand's NZX 50 (^NZ50) gained 48.33 points or 0.38 percent, closing at 12,853.46.
Malaysia's KLSE (^KLSE) slipped 6.56 points or 0.43 percent to 1,533.76.
India's Sensex (^BSESN) slid 721.08 points or 0.88 percent to 81,463.09.
South Korea's KOSPI (^KS11) inched up 5.60 points or 0.18 percent to 3,196.05.
Taiwan's TWSE (^TWII) dipped slightly by 9.35 points or 0.04 percent to 23,364.38.
Japan's Nikkei 225 (^N225) dropped 370.11 points or 0.88 percent to 41,456.23.
China's Shanghai Composite (000001.SS) fell 12.07 points or 0.33 percent to 3,593.66.
Middle East Markets
Mideast markets were mostly closed on Friday and will re-open on Sunday.
African Markets
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