Dow Jones closes Friday's session with gains for 4th consecutive week
Date
7/27/2024 1:26:19 PM
(MENAFN) On Friday, the Dow Jones Industrial Average ended the day on a positive note, marking its fourth consecutive weekly gain as major U.S. stock exchanges began to recover from recent significant losses. The Dow surged by 654 points, or 1.64 percent, closing at 40,589. This gain contributed to a weekly increase of 0.8 percent, reflecting a rebound from previous declines.
The S&P 500 also experienced a notable rise, climbing nearly 60 points, or 1.11 percent, to finish the week at 5,459. This uptick came after the index had fallen by 2.31 percent on Wednesday and a further 0.51 percent on Thursday. Despite the rebound, the S&P 500 ended the week down by 0.8 percent. The index had faced its worst daily performance since 2022 earlier in the week.
The Nasdaq Composite added 176 points, or 1.03 percent, closing at 17,357. The tech-heavy index had suffered a sharp decline of 3.64 percent on Wednesday and ended the week down by 2.1 percent. Similar to the S&P 500, the Nasdaq also recorded its worst daily performance since 2022 on Wednesday.
In other market movements, the VIX volatility index, often referred to as the "fear index," dropped 11.3 percent to 16.38, signaling reduced market anxiety. The yield on the 10-year U.S. Treasury note fell by 1.46 percent to 4.197 percent. The dollar index decreased slightly by 0.04 percent to 104.31, while the euro gained 0.11 percent to USD1.0856 against the U.S. dollar. Precious metals saw gains, with gold increasing by 0.9 percent to USD2,385 per ounce and silver rising 0.17 percent to USD27.90. Conversely, oil prices fell approximately 1.8 percent, with Brent crude priced at USD80.90 per barrel and West Texas Intermediate at USD76.85.
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