2023-07-14 22:05:28
Dow Jones adds 113 points.. and the shares are red at the end of Friday’s trading
Despite the decline in the prices of most US stocks, during trading on Friday, in what was described as profit-taking after a marathon of hikes, the Dow Jones Industrial Average added nearly 114 points, on a day that witnessed the announcement of the results of the work of some of the largest US financial institutions in the second quarter of the year. , which were mostly positive.
In the last days of the week, the rising points represented nearly a third of the percentage point of the most famous index in the world, while the Nasdaq and S&P 500 indices fell by 0.18% and 0.10%, respectively.
But for the week, the Dow Jones Industrial Average posted its best week since last March, up by 2.3%, the S&P 500 rose by 2.4%, and the Nasdaq jumped by 3.3%.
And before the start of official trading on Friday, four of the largest US financial institutions announced strong results during the second quarter of the year, benefiting from the continued high federal interest rate, which contributed to the increase in investment returns for their portfolios.
The issued data caused a rise in stock prices, particularly the financial sector, during the first minutes of trading, by rates that exceeded 2% for many stocks.
In Europe, European stocks fell on Friday, but achieved the largest weekly percentage jump in more than three months, driven by hopes that the current rate hike cycle will end, with inflation receding in major economies.
The Stoxx 600 index of European stocks ended Friday’s trading, down by 0.11%, but it was up by 3% over the week.
After five consecutive sessions of continuous rise, the European index ended its longest winning streak in nearly three months.
In a related way, oil prices fell by more than a dollar a barrel on Friday, with the rise of the dollar and the appetite of oil market dealers to reap profits, after a significant rise in crude prices, but the two benchmarks retained their weekly gains for the third week in a row.
Brent crude futures fell $1.49, or 1.8%, to $79.87 a barrel, while US West Texas crude futures fell $1.47, or 1.9%, to $75.42 a barrel.
“It just seems like some are reaping profits, with some demand concerns coming back to the fore on the back of the dollar,” John Kilduff of Again Capital told Archyde.com.
The dollar index rose slightly, after hitting a 15-month low during the session. The rise in the dollar reduces the demand for oil, as it raises the price of crude for investors holding other currencies.
Oil prices rose by nearly 2% on a weekly basis, after some supplies from Libya and Nigeria stopped, which increased fears that the markets would witness a shortage in supply in the coming months.
Yesterday, Thursday, a number of oil fields in Libya were closed, in local tribal protests over the kidnapping of a former minister. Separately, Shell has halted shipments of Nigerian crude oil, due to a possible leak at a terminal.
John Evans, an analyst at BVM, told Archyde.com that the supply disruption in Libya is stopping an estimated 370,000 barrels per day, while the loss from the disruption of Nigerian crude oil shipments is estimated at about 225,000 barrels per day.
1689378730
#Dow #Jones #adds #points. #shares #red #Fridays #trading