The Dow slightly higher despite Big Tech mixed – This is how the major markets closed

The Dow ended Friday’s trading session in the plus with the big tech stocks mixed and energy stocks due to falling oil prices mostly in the red. The markets evaluate the statements of Fed officials, the majority of whom consider further interest rate hikes appropriate.

  • The Dow Jones Industrial Average closed at 33,745.69 points, up 199.37 points, or +0.59%.
  • The S&P500 closed at 3,965.34, up 18.78 points, or +0.48%.
  • Nasdaq closed at 11,146.06, up 1.10 points, or +0.01%.

Crude oil futures closed lower under pressure from concerns about oil demand as a result of the global economic slowdown and accelerated interest rate hikes by the U.S. Federal Reserve (Fed) to curb inflation.

  • The WTI crude oil contract for December delivery fell $1.56, or 1.9%, to close at $80.08 a barrel. This is the lowest level since September 30, 2022, and it has fallen 9.98% this week.
  • BRENT crude futures fell $2.16, or 2.4%, to $87.62 a barrel and were down 8.7% for the week.

Gold futures close lower under pressure from the appreciation of the U.S. dollar and rising U.S. Treasury bond yields. St. Louis Fed President James Bullard said Thursday he favors raising interest rates as high as 7% to curb inflation.

  • Gold futures fell $8.6, or 0.49%, to $1,754.4 per ounce and were down 0.9% for the week.
  • Silver futures rose 2.2 cents, or 0.1%, to close at $20.997 per ounce.
  • Platinum futures were down $7.2, or 0.73%, at $984.3 per ounce.
  • Palladium futures fell $71.10, or 3.5%, to settle at $1,938.90 per ounce.

The U.S. dollar strengthened against major currencies in a basket of currencies after Fed officials pushed to raise interest rates further to curb inflation.

  • The dollar index against a basket of six major currencies was up 0.22% at 106.9300.
  • The dollar was stronger against the yen at 140.36 yen from 140.23 yen.
  • The dollar was last at 0.9531 francs from 0.9520 francs.
  • The greenback remained firm against the Canadian dollar at C$1.3384 from C$1.3331.
  • The dollar was stronger against the Swedish krona at 10.6243 kronor from 10.6177 kronor.

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