You are here

US: Stocks finish mostly higher, posting solid weekly gains

nz_nyse_230538.jpg
Wall Street stocks finished mostly higher on Friday, concluding a positive week amid optimism about the reopening of the US economy and progress on a coronavirus vaccine.

[NEW YORK] Wall Street stocks finished mostly higher on Friday, concluding a positive week amid optimism about the reopening of the US economy and progress on a coronavirus vaccine.

The tech-rich Nasdaq Composite Index led the market, gaining 0.4 per cent to finish at 9,324.59, an increase of more than 3.4 per cent for the week.

The Dow Jones Industrial Average shed less than 0.1 per cent to 24,465.16, while the broad-based S&P 500 added 0.2 per cent at 2,955.45.

Analysts pointed to a number of major announcements on investments and early research that has built confidence that the virus can be countered with a vaccine, even though the timeframe for getting one is not clear.

Investors have also greeted gradual steps by states to reopen their economies. On Friday, Texas expanded capacity at restaurants to 50 per cent from 25 per cent and opened bowling alleys, bingo halls and other venues.

Investors largely shrugged off escalating rhetoric between Beijing and Washington.

The US announced sanctions against a Chinese government institute and eight companies for human rights violations following China's move to impose a national security law to quash the pro-democracy movement in Hong Kong.

While market watchers expect US President Donald Trump to continue to attack China as his re-election campaign heats up, investors are skeptical he will take action that threatens the trade detente with Beijing.

Adding tariffs on Chinese goods would hit US consumers and "the market is skeptical Trump will risk that before November," said Gregori Volokhine of Meeschaert Financial Services.

US markets will be closed on Monday for the Memorial Day holiday.

AFP

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes