Dow Posts Record Closing High, Stocks Gain for 3rd Week; Dollar Dips

11 months ago 145

NEW YORK—The Dow Jones concern mean registered a grounds closing precocious connected Friday and large equity indexes posted a 3rd consecutive week of gains portion the U.S. dollar slipped.

On the day, MSCI’s broadest gauge of planetary shares was flat, and the S&P 500 and Nasdaq ended lower.

Stocks came nether unit aft Federal Reserve Chair Jerome Powell said the U.S. cardinal slope was “on track” to statesman reducing its purchases of assets.

Intel’s banal fell 11.7 percent and was among the biggest drags connected the S&P 500. Late Thursday, Intel reported income that missed expectations and pointed to shortages of chips holding backmost income of its flagship processors.

American Express Co.’s banal gained, boosting the Dow aft the institution bushed nett estimates for the 4th consecutive quarter.

Next week brings reports from respective cardinal mega-cap names including Amazon.

The dollar pared losses aft Powell’s comments, but the dollar scale was past down 0.10 percent astatine 93.64, and is disconnected from a one-year precocious of 94.56 past week.

“There’s a spot of a positioning unwind taking place. We’ve evidently seen a firmer dollar since the September” Fed meeting, said Mazen Issa, elder FX strategist astatine TD Securities successful New York. “That besides dovetails with the seasonal inclination for the dollar to soften into the extremity of the month.”

The Dow Jones Industrial Average roseate 73.94 points, oregon 0.21 percent, to 35,677.02, the S&P 500 mislaid 4.88 points, oregon 0.11 percent, to 4,544.9 and the Nasdaq Composite dropped 125.50 points, oregon 0.82 percent, to 15,090.20.

The pan-European STOXX 600 scale roseate 0.46 percent and MSCI’s gauge of stocks crossed the globe shed 0.03 percent.

The MSCI scale posted gains for a 3rd consecutive week on with the 3 large U.S. banal indexes.

In the U.S. enslaved market, yields connected longer-dated U.S. Treasuries slid.

The output connected 10-year Treasury notes was down 1.6 ground points to 1.659 percent aft rising to a five-month precocious of 1.7064 percent precocious Thursday.

Oil roseate and ended up for the week, adjacent multi-year highs. Brent crude futures roseate 92 cents to settee astatine $85.53 a barrel, and registered its seventh play gain. U.S. crude futures gained $1.26, to settee astatine $83.76, and roseate for a ninth consecutive week.

Spot golden was up 0.6 percent astatine $1,793.82 per ounce.

Among cryptocurrencies, bitcoin past fell 2.21 percent to $60,841.96.

By Caroline Valetkevitch