You are here: Home » Reuters » News
Business Standard

Wall Street ends at record highs; dollar loses steam

Reuters  |  NEW YORK 

By Sam Forgione

NEW YORK (Reuters) - Key stock indexes on swept to record intraday and closing highs on Black Friday thanks to gains in consumer staple and technology stocks, while European climbed, and a stabilization in U.S. Treasury yields led investors to sell the dollar.

The Dow, S&P 500 and Nasdaq indexes, as well as the small cap Russell 2000 <.RUT>, hit record closing and intraday highs in thin trading, with the U.S. closing at 1:00 p.m. ET (1700 GMT). For the week, the Dow and Nasdaq gained 1.5 percent, while the S&P gained 1.4 percent.

The S&P 500 consumer staples index's 0.8 percent gain <.SPLRCS> boosted on Black Friday, which traditionally kicks off the crucial U.S. holiday shopping season.

European stocks notched a third week of gains, even as commodities stocks fell after a tumble in oil prices. Uncertainty over whether OPEC will agree to cut production at the group's meeting next week weighed on crude prices.

Expectations that U.S. President-elect Donald Trump's promises of tax cuts, higher spending on infrastructure and less regulation would benefit certain industries, including banking, industrials and healthcare have underpinned multiple all-time highs in U.S. in recent trading.

"While many stocks have risen quite briskly, investors are looking for some forgotten names in the rally," said Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey.

MSCI's all-country world equity index <.MIWD00000PUS> was last up 1.84 points, or 0.45 percent, at 414.97.

The Dow Jones industrial average <.DJI> closed up 68.96 points, or 0.36 percent, at 19,152.14. The S&P 500 <.SPX> ended up 8.63 points, or 0.39 percent, at 2,213.35. The Nasdaq Composite <.IXIC> closed up 18.24 points, or 0.34 percent, at 5,398.92.

Europe's broad FTSEurofirst 300 index <.FTEU3> closed up 0.29 percent, at 1,351.66.

While positive for stocks, Trump's surprise victory in the Nov. 8 election has sent U.S. Treasury yields higher and prices lower as investors bet his pro-growth and inflationary policies will erode the value of U.S. bonds.

U.S. Treasuries were last steady after two-year yields hit a 6 1/2-year high of 1.1700 percent overnight as investors evaluated how much further the selloff had to run.

"There are a number of people that want to buy in but also don't want to get whipped by the next 25-to-30 basis point selloff," said Gennadiy Goldberg, an interest rate strategist at TD Securities in New York.

The dollar index <.DXY>, which measures the greenback against a basket of six major currencies, was last down 0.3 percent at 101.450 as investors took advantage of the pullback in U.S. bond yields to lock in gains that have propelled the currency to a nearly 14-year peak.

Despite Friday's steep losses, U.S. and benchmark Brent crude oil prices were set to post a second straight week of gains. Brent crude was last down $1.79, or 3.65 percent, at $47.21 a barrel. U.S. crude was off $1.89, or 3.94 percent, at $46.07 per barrel.

Gold prices tumbled to a 9-1/2 month low of $1,171.2100 an ounce, partly on expectations of a U.S. interest rate rise from the Federal Reserve next month.

(Additional reporting by Yashaswini Swamynathan in Bengaluru, Jessica Resnick-Ault in Boston and Karen Brettell and Gertrude Chavez-Dreyfuss in New York; Editing by Bernadette Baum)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

RECOMMENDED FOR YOU

Wall Street ends at record highs; dollar loses steam

NEW YORK (Reuters) - Key stock indexes on Wall Street swept to record intraday and closing highs on Black Friday thanks to gains in consumer staple and technology stocks, while European shares climbed, and a stabilization in U.S. Treasury yields led investors to sell the dollar.

By Sam Forgione

NEW YORK (Reuters) - Key stock indexes on swept to record intraday and closing highs on Black Friday thanks to gains in consumer staple and technology stocks, while European climbed, and a stabilization in U.S. Treasury yields led investors to sell the dollar.

The Dow, S&P 500 and Nasdaq indexes, as well as the small cap Russell 2000 <.RUT>, hit record closing and intraday highs in thin trading, with the U.S. closing at 1:00 p.m. ET (1700 GMT). For the week, the Dow and Nasdaq gained 1.5 percent, while the S&P gained 1.4 percent.

The S&P 500 consumer staples index's 0.8 percent gain <.SPLRCS> boosted on Black Friday, which traditionally kicks off the crucial U.S. holiday shopping season.

European stocks notched a third week of gains, even as commodities stocks fell after a tumble in oil prices. Uncertainty over whether OPEC will agree to cut production at the group's meeting next week weighed on crude prices.

Expectations that U.S. President-elect Donald Trump's promises of tax cuts, higher spending on infrastructure and less regulation would benefit certain industries, including banking, industrials and healthcare have underpinned multiple all-time highs in U.S. in recent trading.

"While many stocks have risen quite briskly, investors are looking for some forgotten names in the rally," said Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey.

MSCI's all-country world equity index <.MIWD00000PUS> was last up 1.84 points, or 0.45 percent, at 414.97.

The Dow Jones industrial average <.DJI> closed up 68.96 points, or 0.36 percent, at 19,152.14. The S&P 500 <.SPX> ended up 8.63 points, or 0.39 percent, at 2,213.35. The Nasdaq Composite <.IXIC> closed up 18.24 points, or 0.34 percent, at 5,398.92.

Europe's broad FTSEurofirst 300 index <.FTEU3> closed up 0.29 percent, at 1,351.66.

While positive for stocks, Trump's surprise victory in the Nov. 8 election has sent U.S. Treasury yields higher and prices lower as investors bet his pro-growth and inflationary policies will erode the value of U.S. bonds.

U.S. Treasuries were last steady after two-year yields hit a 6 1/2-year high of 1.1700 percent overnight as investors evaluated how much further the selloff had to run.

"There are a number of people that want to buy in but also don't want to get whipped by the next 25-to-30 basis point selloff," said Gennadiy Goldberg, an interest rate strategist at TD Securities in New York.

The dollar index <.DXY>, which measures the greenback against a basket of six major currencies, was last down 0.3 percent at 101.450 as investors took advantage of the pullback in U.S. bond yields to lock in gains that have propelled the currency to a nearly 14-year peak.

Despite Friday's steep losses, U.S. and benchmark Brent crude oil prices were set to post a second straight week of gains. Brent crude was last down $1.79, or 3.65 percent, at $47.21 a barrel. U.S. crude was off $1.89, or 3.94 percent, at $46.07 per barrel.

Gold prices tumbled to a 9-1/2 month low of $1,171.2100 an ounce, partly on expectations of a U.S. interest rate rise from the Federal Reserve next month.

(Additional reporting by Yashaswini Swamynathan in Bengaluru, Jessica Resnick-Ault in Boston and Karen Brettell and Gertrude Chavez-Dreyfuss in New York; Editing by Bernadette Baum)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Wall Street ends at record highs; dollar loses steam

By Sam Forgione

NEW YORK (Reuters) - Key stock indexes on swept to record intraday and closing highs on Black Friday thanks to gains in consumer staple and technology stocks, while European climbed, and a stabilization in U.S. Treasury yields led investors to sell the dollar.

The Dow, S&P 500 and Nasdaq indexes, as well as the small cap Russell 2000 <.RUT>, hit record closing and intraday highs in thin trading, with the U.S. closing at 1:00 p.m. ET (1700 GMT). For the week, the Dow and Nasdaq gained 1.5 percent, while the S&P gained 1.4 percent.

The S&P 500 consumer staples index's 0.8 percent gain <.SPLRCS> boosted on Black Friday, which traditionally kicks off the crucial U.S. holiday shopping season.

European stocks notched a third week of gains, even as commodities stocks fell after a tumble in oil prices. Uncertainty over whether OPEC will agree to cut production at the group's meeting next week weighed on crude prices.

Expectations that U.S. President-elect Donald Trump's promises of tax cuts, higher spending on infrastructure and less regulation would benefit certain industries, including banking, industrials and healthcare have underpinned multiple all-time highs in U.S. in recent trading.

"While many stocks have risen quite briskly, investors are looking for some forgotten names in the rally," said Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey.

MSCI's all-country world equity index <.MIWD00000PUS> was last up 1.84 points, or 0.45 percent, at 414.97.

The Dow Jones industrial average <.DJI> closed up 68.96 points, or 0.36 percent, at 19,152.14. The S&P 500 <.SPX> ended up 8.63 points, or 0.39 percent, at 2,213.35. The Nasdaq Composite <.IXIC> closed up 18.24 points, or 0.34 percent, at 5,398.92.

Europe's broad FTSEurofirst 300 index <.FTEU3> closed up 0.29 percent, at 1,351.66.

While positive for stocks, Trump's surprise victory in the Nov. 8 election has sent U.S. Treasury yields higher and prices lower as investors bet his pro-growth and inflationary policies will erode the value of U.S. bonds.

U.S. Treasuries were last steady after two-year yields hit a 6 1/2-year high of 1.1700 percent overnight as investors evaluated how much further the selloff had to run.

"There are a number of people that want to buy in but also don't want to get whipped by the next 25-to-30 basis point selloff," said Gennadiy Goldberg, an interest rate strategist at TD Securities in New York.

The dollar index <.DXY>, which measures the greenback against a basket of six major currencies, was last down 0.3 percent at 101.450 as investors took advantage of the pullback in U.S. bond yields to lock in gains that have propelled the currency to a nearly 14-year peak.

Despite Friday's steep losses, U.S. and benchmark Brent crude oil prices were set to post a second straight week of gains. Brent crude was last down $1.79, or 3.65 percent, at $47.21 a barrel. U.S. crude was off $1.89, or 3.94 percent, at $46.07 per barrel.

Gold prices tumbled to a 9-1/2 month low of $1,171.2100 an ounce, partly on expectations of a U.S. interest rate rise from the Federal Reserve next month.

(Additional reporting by Yashaswini Swamynathan in Bengaluru, Jessica Resnick-Ault in Boston and Karen Brettell and Gertrude Chavez-Dreyfuss in New York; Editing by Bernadette Baum)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard