On Friday, global and European markets increased as Wall Street continued to rise amid expectations that certain central banks will scale down their rate hikes.
A rising US dollar reduced the value of commodities. Following the expansion of Covid limitations by top crude importer China, oil prices fell.
The STOXX index for Europe recovered from session lows of as much as 1.1 per cent to close up 0.1 per cent at a five-week high. Prior to that, Amazon’s disappointing estimates on Thursday hurt the tech sector in Europe, while the possibility of further Covid restrictions in China hurt mining and oil companies.
The 47-country MSCI main global index increased by 0.92 per cent. It gained for a second week in a row as investors processed conflicting earnings and economic data.
By 1:52 p.m. ET, the Dow Jones Industrial Average had increased by 2.43 per cent. (1752 GMT). The Nasdaq Composite increased 2.42 per cent and the S&P 500 increased 2.14 per cent, with advances in Apple due to positive results countering Amazon’s sombre warning.
Also Read: ‘Let the good times roll’: Musk says after becoming the new Twitter boss
“This stock market clearly wants to go higher and is growing confident that next week’s Fed-driven fireworks will include the beginning of a deliberation to tighten at a slower pace,” said Edward Moya, senior market analyst at OANDA in New York.
Consumer spending in the United States rose more than anticipated in September, and the Federal Reserve is on course to raise interest rates by 75 basis points for the fourth time this year. At the same time, underlying inflation pressures continued to soar.
(with inputs from agencies)
For all the latest business News Click Here
