US stock indices end higher, S&P 500 posts 4% weekly gain
US stock indices strengthened their gains at the close of the week's trading, as the yield on two-year Treasury bonds fell, recording its lowest close since Sept. 12, 2022. This comes amid growing market expectations that the Federal Reserve will cut interest rates by 50 basis points next week.
The Dow Jones Industrial Average added 0.7%, or 297 points, to settle at 41,393 points. The industrial index posted a weekly rise of 2.6%.
The S&P 500 index gained 0.55%, or 30 points, to 5,626 points, raising its weekly gains to 4%.
The Nasdaq Composite Index edged up 0.65%, or 114 points, to 17,683 points, gaining 5.96%.
As for European markets, the STOXX Europe 600 advanced 0.75% to 515.9 points, making a weekly gain of 1.85%.
The FTSE index was up 0.4% to 8,273 points. France’s CAC 40 recorded almost the same rise to finish at 7,465 points. Germany’s DAX index also added 1%, or 181 points, to 18,699 points.
In Japan, the Nikkei index closed 0.7%, or 251 points, lower at 36,581. The broader Topix index inched down 0.8% to 2,571 points. Nikkei posted a weekly rise of 0.5%, while Topix recorded weekly losses of 1%.
On oil, Brent crude futures for November delivery fell by 0.5% or 36 cents to $71.61 a barrel, but they ended a three-week losing streak after rising 0.75% earlier in the week.
Meanwhile, U.S. WTI crude futures for October delivery declined by 0.45% or 32 cents to $68.65 a barrel, yet it also ended a four-week losing streak, having increased by 1.45% during this week's trading.
As for gold, futures for December delivery rose by 1.15% or $30.10 to $2,610.70 per ounce, a new record high. The yellow metal posted weekly gains of 3.4%, breaking a two-week losing streak.
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