The Dow Jones Industrial Average recorded its tenth consecutive day of gains
The Dow Jones index of US stocks continued to rise for the tenth day in a row, driven by the results of the good business of its companies, while the main indices fluctuated on Friday, with the entitlement of large quantities of options contracts, in the absence of other influential news, whether from Washington or New York.
In the last days of the week, the most famous index in the world refused to spend the weekend in the green zone, albeit with the lowest rate of increase that could be recorded (0.01%), but it allowed it to complete the series of consecutive daily rises, which the Dow Jones had not witnessed since 2017.
The end of the other two indices was also close to where the day began, as the S&P 500 rose by 0.03%, while the Nasdaq was in the red, losing close to a quarter of a percentage point.
On the weekly level, the Nasdaq was the only loser, after declining by more than half a percentage point, while the S&P 500 rose by nearly two-thirds of a percentage point, and the Dow Jones Industrial Average rose by more than 2%.
Investors are looking forward to more corporate business results for the second quarter of the year, which are expected to be announced next week, which will also witness the meetings of the US Federal Reserve, which is expected to raise interest rates by a quarter of a percentage point.
In Europe, European stocks rose today, Friday, to end the week’s trading on the upside, while German stocks closed lower, as SAP’s revenue expectations affected the technology sector, which also recorded its largest weekly decline this year.
Software company SAP shares fell 4.2% after the company cut its full-year forecast, which led to a 0.2% drop in the German DAX.
The Stoxx 600 index of European shares rose 0.3% at the close, extending its gains for the fourth consecutive session.
The technology sector index in Europe fell 0.4%, to be the biggest loser among the major sectors this week, with a decrease of 4.8%.
The mining sector index fell 1.5%, hit by some disappointing results.
The Stoxx 600 rose 0.9% this week, boosted by a rally in British stocks, after evidence emerged of slowing domestic inflation.
London’s FTSE 100 rose 3% this week, its best level in nearly four months.
In a related way, oil prices rose by more than a dollar a barrel today, Friday, supported by increasing evidence of a shortage of supplies in the coming months, as well as the intensification of the conflict between Russia and Ukraine, which would lead to a continued decline in supplies.
Brent crude futures rose $1.43, or 1.8%, to $81.07 a barrel, while US West Texas crude futures rose $1.42, or 1.9%, to settle at $77.07 a barrel, its highest level since April 25.
Phil Flynn, an analyst at Price Futures Group, said: “Global supplies are beginning to decline, and this could accelerate significantly in the coming weeks, and prices may also be affected by the increasing risks of war.”
Russia continued to bomb Ukrainian food export facilities for the fourth day in a row, today, Friday, and seized ships in the Black Sea, in an escalation of the conflict in the region, after Moscow withdrew this week from the United Nations-brokered grain export agreement through the Black Sea.
2023-07-21 22:13:50
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