Global stock markets conclude new week with gains
Date
10/13/2024 3:58:11 AM
(MENAFN) Wall Street wrapped up another week of gains, with both the S&P 500 and Dow Jones Industrial Average reaching new record highs on Friday, marking a strong end to the week. The banking sector contributed to the positive momentum as third-quarter earnings season kicked off on a promising note.
U.S. stock indices recorded weekly gains, with the S&P 500 rising 0.5 percent for its fifth consecutive week of gains. The Dow Jones added 0.2 percent, while the nasdaq outperformed with a 0.8 percent increase for the week. On Friday, the S&P 500 climbed 0.6 percent to close at 5,815.03, and the Dow Jones gained 409.74 points, or nearly 1 percent, finishing at 42,863.86.
The Nasdaq Composite also saw gains, rising 0.33 percent to close at 18,342.94, bringing it within 2 percent of its all-time high. David Russell from TradeStation commented on inflation data, noting that while the Consumer Price Index (CPI) appeared high, the Producer Price Index (PPI) was more moderate, suggesting inflation is cooling. He indicated that the Federal Reserve may still consider a 25 basis point hike in the next two meetings.
In Europe, markets ended higher on Friday, with the STOXX 600 index up 0.53 percent, leading to weekly gains of around 0.6 percent. Investors evaluated UK growth figures and anticipated fiscal stimulus from China. Germany's DAX rose 0.75 percent, France's CAC gained 0.48 percent, and Britain's FTSE added 0.19 percent. Meanwhile, Japan's Nikkei reached a two-week high, boosted by Fast Retailing’s strong performance, closing up 0.6 percent at 39,605.80, with a weekly gain of 2.5 percent. The broader Topix index, however, slipped by 0.2 percent to 2,706.2.
In Asia, Japan's Nikkei reached a two-week high, boosted by the strong performance of Fast Retailing, one of the big names on the index. The Nikkei rose 0.6 percent on Friday to close at 39,605.80, resulting in a 2.5 percent increase for the week. However, the broader Topix index fell slightly, falling 0.2 percent to close at 2,706.2, as investors remained cautious ahead of the start of earnings season.
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