The S&P 500 rose on Friday and clinched a third straight winning week amid a red-hot November rally.
The broader index added 0.13 per cent to settle at 4,514.02. The Dow Jones Industrial Average ended the day higher by 0.01 per cent, or 1.81 points, closing at 34,947.28. The Nasdaq Composite crept up by 0.08 per cent to end the session at 14,125.48.
The major averages each notched their third straight positive week. The S&P 500 added 2.2 per cent, while the Nasdaq jumped about 2.4 per cent. The Dow closed the week with a 1.9 per cent advance. This is the first three-week win streak for the Dow and S&P 500 since July, and the first since June for the Nasdaq.
Those gains were sparked by tame U.S. inflation data that gave hope to investors that the Federal Reserve’s tough stance on rate policy may be in the rearview mirror.
Stocks have been on a tear this month. In November, the S&P 500 is up 7.6 per cent, while the Dow has a 5.7 per cent gain. The Nasdaq has leapt 9.9 per cent.
Gap shares leapt 30 per cent a day after the company posted better-than-expected results for its fiscal third quarter. Electric vehicle charging network ChargePoint slid 35 per cent after announcing a shake-up in its C-suite late Thursday and cutting its forecast for third-quarter revenue.
In commodity-related news, oil prices rose on Friday, a day after sinking 5 per cent to a four month-low on growing worries about burgeoning non-OPEC supply and cooling demand. The West Texas Intermediate contract for December rose 3.03 per cent while the Brent contract for January rose 3.2 per cent a barrel. Both benchmarks have lost around a sixth of their value over the last four weeks, and prices are on track for their fourth straight week of losses.
As a result of the rise in oil, when assessing the US sectors, Energy was the best performer. Communication Services was the worst performer.
The SPI futures are pointing to a 0.4 per cent gain.
One Australian dollar at 7:35 AM was buying 65.13 US cents.
Gold fell 0.13 per cent. Silver lost 0.31 per cent. Copper gained 0.88 per cent. Oil jumped 4.10 per cent.
Figures around the globe
European markets closed higher. London’s FTSE gained 1.26 per cent, Frankfurt added 0.84 per cent, and Paris closed 0.91 per cent higher.
Turning to Asian markets, Tokyo’s Nikkei added 0.48 per cent, Hong Kong’s Hang Seng fell 2.12 per cent while China’s Shanghai Composite closed 0.11 per cent higher.
On Friday, the Australian share market closed 0.13 per cent lower at 7049
Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap.
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