Wed, 22 May 2019

Stocks in U.S. finish week higher, Dow Jones up 1.74%

By Jay Jackson, Bombay News
16 Feb 2019, 09:28 GMT+10

NEW YORK, New York - With a total 7.07 billion shares traded on Friday, U.S. stock exchanges were light on volume of transactions, but the gains were substantial.

Optimism about the outcome of current U.S.-China trade talks drove sentinment.

This may be just false hope with the tariff situation as thorny details still need to be agreed upon, David Carter, chief investment officer at Lenox Wealth Advisors in New York was quoted by Reuters Thomson as saying. Its good news but its not over yet.

Solving the trade issue could give global growth the boost it needs, he added. Absent a tariff solution, growth will continue to slow.

At the close of trading Friday, the Dow Jones Industrial Average was ahead 443.86 points or 1.74% at 25,883.25.

The S&P 500 rose 29.87 points or 1.09% to 2,775.60.

The tech-laden Nasdaq Composite rose 45.46 points or 0.61% to 7,472.41.

The U.S. dollar was softer across the board Friday. The euro gained, but failed to mount the crucial 1.1300 level. Around the New York close Friday, the euro was quoted at 1.1298.

The British pound gained slightly to 1.2891.

The Japanese yen rose to 110.40.

The Swiss franc firmed a touch to 1.0049.

The Canadian dollar rose to 1.3246.

The Australian dollar was in demand at 0.7142, while the New Zealand dollar rose strongly to 0.6865.

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