GLOBAL MARKETS-U.S. stocks end bumpy week up sharply; oil prices drop 3 pct

  • 2/25/2023
  • 15:24
  • 10
  • 0
  • 0
news-picture

NEW YORK, Jumada I 23, 1439, Feb 9, 2018, SPA -- U.S. stocks ended with a more than 1 percent gain on Friday after another session of whipsaw trading, though the Dow and S&P 500 posted their biggest weekly losses since January 2016. The Dow had a more than 1,000-point difference between its high and low. Wall Street's fear gauge, the Cboe Volatility Index, also known as the VIX, ended lower on the day but it remained well above its recent trading range. Benchmark 10-year note yields closed a volatile week little changed as stocks gained and investors were likely wary of holding positions over the weekend. Oil prices fell more than 3 percent. On Thursday, the Dow and S&P 500 indexes slumped more than 10 percent from their Jan. 26 record highs, confirming they were in correction territory. Stocks on Friday began to bounce after the S&P 500 briefly broke below its 200-day moving average, a level seen as technical support. The Dow Jones Industrial Average rose 330.44 points, or 1.38 percent, to 24,190.9, the S&P 500 gained 38.55 points, or 1.49 percent, to 2,619.55 and the Nasdaq Composite added 97.33 points, or 1.44 percent, to 6,874.49. European shares fell 5.3 percent for the week, their biggest weekly drop since January 2016, and an index of world stocks also suffered its largest weekly percentage drop since January 2016. It was barely higher on Friday. The pan-European FTSEurofirst 300 index lost 1.40 percent and MSCI's gauge of stocks across the globe gained 0.04 percent. Emerging market stocks lost 1.74 percent. Earlier, the Shanghai Composite Index tumbled as much as 6.0 percent to its lowest since May 2017, and the blue chip CSI300 index dived 6.1 percent. Chinese equities were hurt by the drop in global shares and by traders closing positions before the Lunar New Year holidays starting next week. On Friday, benchmark 10-year notes last fell 2/32 in price to yield 2.8566 percent, from 2.849 percent late on Thursday. In currencies, the dollar rose for its strongest week against a basket of currencies in nearly 15 months as some traders piled into the greenback after the volatility in stocks and bonds. The dollar index rose 0.1 percent, with the euro down 0.1 percent to $1.2233. On the week, the dollar index gained 1.41 percent for its best week in almost 15 months. Oil prices slid more than 3 percent as U.S. futures fell below $60 a barrel for the first time since December on concerns about rising crude supplies. U.S. crude settled down $1.95, or 3.2 percent, to $59.20, the lowest settlement since Dec. 22. Brent futures fell $2.02 a barrel, or 3.1 percent, to $62.79 a barrel, its lowest settlement since Dec. 13. Spot gold fell 0.3 percent to $1,314.49 an ounce. --SPA 01:53 LOCAL TIME 22:53 GMT www.spa.gov.sa/w607595

مشاركة :