US Stock Markets Rebound on Friday
The US stock markets rebounded on Friday, with the Dow closing at 42,840 points, a 1.2% increase from the previous day’s close.
The broader S&P 500 index finished at 5,931 points, up 1.1%, while the tech-heavy Nasdaq 100 closed at 21,289 points, a 0.9% gain.
Investors seemed relieved by the recent Federal Reserve interest rate decision, as a new analysis, known as the PCE report, suggests that concerns over long-term high interest rates may be overblown. The analysis indicates that US inflation may not rise as strongly as expected.
The European common currency, the euro, strengthened against the US dollar on Friday evening, with one euro costing $1.0428 and one dollar worth €0.9590.
Gold prices rose significantly, with one ounce selling for $2,621, a 1% increase, equivalent to €80.81 per gram.
Meanwhile, the oil price inched up, with a barrel of North Sea Brent crude selling for $72.94 at around 22:00 CET, a 6-cent or 0.1% increase from the previous day’s close.