The Dow finished with a positive close as investors react to economic data showing slowing inflation and better-than-expected fourth-quarter earnings from listed companies. Investors will also be closely monitoring the Federal Reserve’s monetary policy meeting next week.
- The Dow Jones Industrial Average closed at 33,978.08 points, up 28.67 points, or +0.08%.
- The S&P500 closed at 4,070.56, up 10.13 points, or +0.25%.
- Nasdaq closed at 11,621.71 points, up 109.30 points, or +0.95%.
Crude oil futures closed at a price below $80 per barrel, the lowest level in over a week, as investors sold off their positions to take profits. This is due to concerns about the market outlook ahead of the upcoming OPEC+ meeting and the EU’s ban on Russian oil products starting on February 5th.
- WTI crude futures dropped $1.33, or 1.6%, to settle at $79.68 a barrel, down 2.4% over the week.
- BRENT crude futures dropped 81 cents, or 0.9%, to settle at $86.66 a barrel, down 1.1% over the week.
Gold futures closed slightly lower but still ended the week with a sixth straight week of gains, after reaching nine-month highs earlier in the week. However, the appreciation of the dollar ahead of the Federal Reserve’s monetary policy meeting on January 31st-February 1st put pressure on the gold futures.
- Gold futures decreased by $0.6, or 0.03%, to $1,929.4 per ounce. Despite this, they still rose 0.1% over the past week, marking the sixth consecutive week of gains.
- Silver futures were down 39.8 cents, or 1.66%, at $23.62/ounce.
- Platinum futures were down $6.2, or 0.61%, at $1,016.8/ounce.
- Palladium futures fell $64.10, or 3.9%, to settle at $1,599.70 an ounce.
The US dollar strengthened against a basket of major currencies due to positive economic data in the US, while investors await the outcome of the Federal Reserve meeting next week.
- The dollar index against a basket of six major currencies was up 0.09% at 101.9240.
- The US dollar was last at 0.9212 Swiss francs from 0.9198 Swiss francs.
- The US dollar remained stronger against the Swedish krona at 10.3066 krona from 10.2691 krona.
- The dollar weakened against the yen at 129.92 yen from 130.21 yen.
- The dollar weakened against the Canadian dollar at 1.3302 CAD from 1.3334 CAD.
- The euro was weaker against the dollar at $1.0869 from $1.0889.
- The pound weakened to $1.2394 from $1.2407.