The Magazine for Asian Investors
The Dow closed higher, rising for the first time in four weeks this week as investors bought after the recent downturn. Markets are ignoring concerns about the economic outlook and investors appear to be welcoming the prospect of another 0.75% Federal Reserve (Fed) rate hike at this month’s meeting.
- The Dow Jones Industrial Average closed at 32,151.71, up 377.19, or +1.19%.
- The S&P500 closed at 4,067.36 points, up 61.18 points, or +1.53%.
- Nasdaq closed at 12,112.31 points, up 250.18 points, or +2.11%.
Crude oil futures closed higher as concerns over oil supply and the slump in the U.S. dollar helped support crude futures from their lowest levels in 7 months, but crude prices continue to decline this week.
- WTI crude futures rose $3.25, or 3.9%, at $86.79 a barrel, but still down 0.1% this week.
- BRENT crude futures were up $3.69, or 4.1%, at $92.84 a barrel, but were still down 0.2% on the week.
Gold futures closed higher, helped by the decline of the U.S. dollar from a 20-year high and the appreciation of the euro.
- Gold futures rose $8.4, or 0.49%, to $1,728.6 per ounce, and gained nearly 0.4% for the week.
- Silver futures were up 32.5 cents, or 1.76 percent, at $18.767 an ounce.
- The platinum contract was up $10.5, or 1.21%, at $876.9 per ounce.
- The palladium futures were up $30.60, or 1.4%, at $2,177.60 an ounce.
The dollar weakened against a basket of major currencies, hitting its lowest level in more than a week, as investors took profits after an earlier rise in the greenback against most currencies. Investors will be keeping an eye on next week’s release of U.S. inflation data for signs of a rate hike by the Federal Reserve (Fed).
- The dollar index against the six major currencies in a basket of currencies fell 0.64% at 109.0030.
- The dollar was lower against the yen to 142.68 yen from 144.01 yen.
- The dollar was lower against the Swiss franc to 0.9607 francs from 0.9716 francs.
- The US dollar was also lower against the Canadian dollar at 1.3032 Canadian dollars from 1.3095 Canadian dollars.
- The euro strengthened against the US dollar at $1.0045 from $0.9994.
- The pound rose to $1.1589 from $1.1500.
- The Australian dollar rose to $0.6842 from $0.6748.