Trading news

US broad stock market ends the week higher





Dow closes at record high seventh session in a row

US stock indices ended at new highs on Friday with the Dow Jones industrials recording its seventh record close in a row. The dollar retraced higher: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, closed 0.4% higher at 100.932. The Dow Jones average rose less than 0.1% to a record high 20624.05 with shares of UnitedHealth limiting gains. The blue chip index recorded 1.8% gain for the week. S&P 500 closed up 0.2% settling at a record 2328.25, led by telecom and consumer staples stocks. The broad market closed up 1.5% for the week. The Nasdaq composite index gained 0.4% to a record high 5838.58, up 1.8% on week.



European stocks end the week higher

European markets ended higher on Friday led by Unilever and Essentra shares. Both the euro and British Pound weakened against the dollar. The Stoxx Europe 600 index gained less than 0.1%. The DAX 30 was little changed at 11757.02. France’s CAC 40 underperformed falling 0.7% and UK’s FTSE 100 ended 0.3% higher at 7299.96.



Asian stocks mixed

Asian stock indexes are mostly higher today in low volume trading with US markets closed for a holiday. Nikkei gained 0.1% to 19251.08 today as yen weakened against the dollar in thin trading despite a larger-than-expected January trade deficit as imports rose for the first time in two years. Chinese stocks are higher with the Shanghai Composite Index up 1.2% and Hong Kong’s Hang Seng Index 0.5% higher. Australia’s All Ordinaries Index is 0.18% lower with the Australian dollar edging higher against the dollar.



Oil prices rebound

Oil futures prices are rebounding today after closing lower for the previous week on Friday. Concerns about increasing US shale oil output as the number active US drilling rigs rises persist. Goldman Sachs estimates, we estimate US oil production would increase by 405,000 barrels per day between 4Q17 and 4Q16 in five shale plays, assuming the US oil rig count stays at the current level. US energy companies added oil rigs for a fifth consecutive week, Baker Hughes reported on Friday. US Investors are concerned US crude oil output increases may outweigh output cuts by major producers as OPEC reported compliance rate of around 90% with the agreed cuts of almost 1.8 million barrels per day (bpd) during the first half of 2017. April Brent crude rose 0.3% to $55.81 a barrel on London’s ICE Futures exchange on Friday, recording about 1.6% loss for the week.

IFC Markets Review

Monday, 20 Feb, 2017 / 12:19

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Source : http://www.ifcmarkets.com/en/market-overview/us-broad-stock-market-ends-the-week-higher?utm_source=financemagnates

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