(ABM FN-Dow Jones) The US stock markets closed sharply higher on Friday.
The leading S&P 500 index rose 1.6 percent to 4,045.64 points, the Dow Jones index gained 1.2 percent at 33,390.97 points and the Nasdaq closed 2.0 percent higher at 11,689.01 points.
US stock markets rose on Friday, while PMI data showed mild economic growth and higher employment. “We are trying to parse out signals from each published macro data that we are close to the peak of inflation and interest rates,” Invesco said.
The market received two purchasing managers’ indices for the services sector. Figures from S&P Global showed that the US services sector turned from contraction to growth in February. The index rose from 46.8 to 50.6. ISM data showed a fractional slowdown in growth in February. The index fell from 55.2 to 55.1.
The euro/dollar was quoted at 1.0634. At the start of the trading day in New York, the currency pair was still moving at 1.0616 and around the close of the American stock exchanges on Thursday there was a level of 1.0596 on the boards.
The April futures for a barrel of West Texas Intermediate crude closed 1.9 percent higher on Friday at $79.68 on the New York Mercantile Exchange. On a weekly basis, the oil price closed 4.4 percent higher.
On a macroeconomic level, only January factory orders are scheduled for Monday in the US.
Company news
Broadcom posted higher results in the first quarter of its current fiscal year. This was evident from the results of the American chip and software producer on Thursday after the close of trading. The share rose approximately 6.0 percent.
Hewlett Packard Enterprise beat expectations in the quarter and also issued a strong outlook. This was evident from the results of the American IT company on Thursday after the close of trading. The stock lost about 1.5 percent.
Dell recorded 0.4 percent lower. The results last quarter were above expectations, but the outlook disappointed. Dell also announced that CFO Tom Sweet is retiring.
C3.ai came with better-than-expected figures and rose more than 35.0 percent.
Costco managed to beat profit expectations in the past quarter, but turnover was below par. The stock lost approximately 2.2 percent.
Marvell Technology was almost 5.0 percent lower. The chip company disappointed last quarter.
Victoria’s Secret came up with a disappointing outlook. The share fell about 4.9 percent.
Bron: ABM Financial News
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