Major indices opened higher and remained in positive territory through the day, shrugging off a downcast reading on US consumer sentiment.
Analysts pointed to the diminished odds of a US government shutdown as supportive of stocks after Democratic Senate Leader Charles Schumer backed a spending bill favored by Republican President Donald Trump.
The broad-based S&P 500 finished at 5,638, up 2.1 percent for the day, but down 2.3 percent for the week.
The Dow Jones Industrial Average gained 1.7 percent to 41,488, while the tech-rich Nasdaq Composite Index jumped 2.6 percent to 17,754.
A consumer survey by the University of Michigan said expectations for the future “deteriorated,” with “many consumers”: citing a “high level of uncertainty around policy and other economic factors.”
The report came as economists warn that Trump’s wide-ranging and unpredictable trade policy risks delaying investments, raising the odds of a recession.
Major indices dropped more than one percent on Thursday after Trump threatened a 200 percent tariff on European Union wine, champagne and other alcoholic beverages following the EU’s announced countermeasures against new US steel and alumium tariffs.
On Friday, all 11 sectors of the S&P 500 posted gains, while the Dow index was mostly up. (AFP)
Major indices opened higher and remained in positive territory through the day, shrugging off a downcast reading on US consumer sentiment.
Analysts pointed to the diminished odds of a US government shutdown as supportive of stocks after Democratic Senate Leader Charles Schumer backed a spending bill favored by Republican President Donald Trump.
The broad-based S&P 500 finished at 5,638, up 2.1 percent for the day, but down 2.3 percent for the week.
The Dow Jones Industrial Average gained 1.7 percent to 41,488, while the tech-rich Nasdaq Composite Index jumped 2.6 percent to 17,754.
A consumer survey by the University of Michigan said expectations for the future “deteriorated,” with “many consumers”: citing a “high level of uncertainty around policy and other economic factors.”
The report came as economists warn that Trump’s wide-ranging and unpredictable trade policy risks delaying investments, raising the odds of a recession.
Major indices dropped more than one percent on Thursday after Trump threatened a 200 percent tariff on European Union wine, champagne and other alcoholic beverages following the EU’s announced countermeasures against new US steel and alumium tariffs.
On Friday, all 11 sectors of the S&P 500 posted gains, while the Dow index was mostly up. (AFP)
