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U.S. stocks offset yesterday’s pullback to reach new record closings – News

Stock prices soared during Friday’s trading, extending the rebound from the sell seen at the beginning of the previous session. With the rise on the day, all three key averages ended the session with record new records.

The key average reached a new high by the end of the session. The Dow rose 448.23 points (1.3%) to 34,870.16, the Nasdaq rose 142.13 points (1%) to 14,701.92, and the S & P500 rose 48.73 points (1.1%) to 4,369.55.

In the week of shortened holidays, the Dow rose 0.2%, while the broader Nasdaq and S & P 500 both rose 0.4%.

Wall Street’s strength came from traders quickly shrugging global concerns. Economy It weighed heavily on the market with early Thursday trading.

Combined with a recovery attempt that seemed to have progressed yesterday’s trade, the key average was more than offsetting the initial pullback.

Despite concerns about the spread of delta variants in CoronavirusTraders seem optimistic that the US economy will continue to outperform.

Treasury yield rebounds have also generated buying interest, with benchmark 10-year bond yields bouncing at their lowest closing prices since February.

Yields have plummeted in recent sessions, with signs that the Federal Reserve Board hasn’t rushed to start shrinking its asset purchase program.

Steel stocks performed best on the market today, with a 4.1% surge from the NYSE Arca Steel Index.

Treasury yield rebounds also contributed significantly to the strength of bank stocks, raising the KBW Bank Index by 3.9%.

Oil services stocks also surged during the session, resulting in a 2.8% surge from the Philadelphia Oil Services Index. The index has bounced from its lowest closing price in over a month.

The rebound from oil service stocks jumped from $ 1.62 to $ 74.56 for August deliveries amid soaring oil prices.

Transport, brokerage firms and gold stocks also showed considerable strength on the day, rising alongside most other major sectors.

Other markets

In foreign trade, most stocks market Further declines were seen across the Asia Pacific region during Friday trading. Japan’s Nikkei Stock Average fell 0.6%, while South Korea’s Kospi fell 1.1%.

Meanwhile, major European markets have shown strong moves back up. France’s CAC 40 index soared 2.1%, Germany’s DAX index soared 1.7%, and the UK’s FTSE 100 index soared 1.3%.

In the bond market, government bonds have receded after soaring government bonds in the last few sessions. Since then, the yield on benchmark 10-year bonds, which move in the opposite direction of price, has risen 6.8 basis points to 1.356%.

Future outlook

Following a relatively quiet week in terms of the US economy, next week’s trading could be affected by consumer and producer price inflation, reaction to reports on industrial production and retail sales.

Parliamentary testimony by Federal Reserve Board Chair Jerome Powell may also draw attention along with the Federal Reserve Board’s Beige Book.

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U.S. stocks offset yesterday’s pullback to reach new record closings

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