2 hours ago
Description
(AWP Alliance News) - Stocks fluctuated early in the session on Friday but moved mostly higher over the course of the trading day. The major averages all finished the day in positive territory after ending the previous session roughly flat.
The Dow advanced 478.64 points or 0.9 percent to 51,828.62, bouncing off its lowest closing level in over three months. The Nasdaq climbed 129.34 points or 0.5 percent to 27,068.72 and the S&P 500 rose 39.28 points or 0.5 percent to 7,743.41.
For the week, the tech-heavy Nasdaq surged by 2.1 percent, the S&P 500 jumped by 1.2 percent and the Dow increased by 0.3 percent.
The strength that emerged on Wall Street came amid a significant pullback by the price of crude oil, which had surged over the two previous sessions.
U.S. crude oil futures have tumbled by more than 2 percent on the day after spiking by 4.5 percent over the past two days.
The sharp pullback by crude oil prices came as traders reacted to the latest reports about a potential deal to end the prolonged conflict between the U.S. and Iran.
New reports indicate that Iran has submitted a proposal to the U.S. to end the war and reopen the Strait of Hormuz within seven days if Washington accepts its conditions.
Overall buying interest was somewhat subdued, however, as treasury yields saw further upside after surging over the two previous sessions.
The yield on the benchmark ten-year note pulled back off its highs of the session but still ended the day at its highest closing level since July 2007.
The continued advance by treasuries came as worries about the outlook for inflation have helped solidify expectations that the Federal Reserve will continue raising interest rates next month.
CME Group's FedWatch Tool is currently indicating a 64.2 percent chance the Fed will raise rates by another quarter point at its late October meeting.
Sector News
Airline stocks moved sharply higher amid the steep drop by the price of crude oil, with the NYSE Arca Airline Index soaring by 3.7 percent to its best closing level in over a month.
Considerable strength was also visible among computer hardware stocks, as reflected by the 2.3 percent jump by the NYSE Arca Computer Hardware Index.
Semiconductor, software and banking stocks also turned in strong performances on the day, while natural gas stocks moved lower along with the price of the commodity.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Friday, with several major markets closed for holidays. Japan's Nikkei 225 Index jumped by 1.3 percent, while Hong Kong's Hang Seng Index slumped by 1 percent.
Meanwhile, European stocks moved mostly higher on the day. The German DAX Index climbed by 0.6 percent and the U.K.'s FTSE 100 Index inched up by 0.1 percent, although the French CAC 40 Index bucked the uptrend and closed just below the unchanged line.
In the bond market, treasuries climbed well off their worst levels of the day but still closed in the red. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 2.0 basis points to 5.18 percent.
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