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×US stocks rally, Nasdaq posts weekly gain of over 4%
The US stocks moved sharply on Friday, recording weekly gains amid optimism about the latest earnings news from big-name tech companies.
The Dow Jones Industrial Average gained 153 points, or 0.4%, to close at 38,239. The 30-stock index posted a weekly gain of 0.65%.
The S&P 500 added 1%, or 51 points, to finish at 5,099, rising 2.65% this week. The index ended its three-week losing streak.
The Nasdaq Composite jumped nearly 2%, or 316 points, to 15,927, spiking 4.25% during the week and snapping a four-week loss.
The S&P 500 Information Technology Sector Index jumped 1.85%. The gains were led by Alphabet, which surged 10.22%. Microsoft and Nvidia gained 1.8% and 6.2%, respectively. Amazon also ended 3.45% higher.
Elsewhere, the STOXX Europe 600 Index added 1.1% to 507.9 points, extending its weekly gains t0 1.75%. The index snapped a three-week losing streak.
FTSE 100 closed 0.75% higher at a record of 8,139 points. The CAC 40 Index added 0.9% to 8,088 points. Germany’s DAX 40 Index advanced 1.35% to 18,161 points.
The Nikkei 225 closed 0.8% higher at 37,934 points. TOPIX also edged up 0.85% to 2,686 points. The two indices gained 2.35% and 2.3%, respectively this week.
For oil, Brent crude for June delivery rose by 0.55%, or 49 cents, on Friday to $89.50 a barrel, recording a weekly gain of 2.55%.
Meanwhile, the price of West Texas Intermediate (WTI) crude for May delivery rose by 0.35% or 28 cents, to $83.85 a barrel, posting weekly gains of 2%.
Gold for June delivery rose by 0.2% or $4.7 to $2347.2 per ounce, but it recorded a weekly loss of 2.75%, ending a winning streak that extended over four consecutive weeks.
Economic data showed an increase in the Personal Consumption Expenditures (PCE) index, including food and energy, by 2.7% on a yearly basis in March, higher than estimates of 2.6%, after rising by 2.5% in February.
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