US stock markets closed the week on a high note, with the best performance since the presidential election in November. The Dow Jones Industrial Average ended the day with a gain of 0.8 percent, closing at 43,488 points.
The broader S&P 500 index rose by 1.0 percent, closing at 5,996 points, while the Nasdaq composite, which is heavily weighted with technology stocks, surged 1.7 percent to close at 21,441 points.
Many market analysts believe that investors are looking to the incoming presidency of Donald Trump with a sense of optimism. The positive reception of Trump’s meeting with Chinese President Xi Jinping, in which they discussed various economic issues, including the long-standing topics of TikTok and fentanyl, has buoyed market sentiment.
Technology stocks, in particular, saw significant gains, with Tesla and Nvidia leading the way. Intel’s stock also rose sharply in response to takeover rumors.
The euro, the common currency of the European Union, was weaker against the US dollar, trading at 1.0274 to the dollar by the end of the day. Conversely, the dollar was stronger against the euro, with one euro equivalent to 0.9733 dollars.
The gold price was also lower, with one ounce of gold trading at $2,701, a decline of 0.4 percent. This translates to a price of €84.51 per gram.
Meanwhile, the price of oil fell, with a barrel of Brent crude trading at $80.75, a decline of 0.7 percent, or 54 cents, from the previous day’s close.