Nasdaq tests 50-day moving average
US stock market ended solidly higher on Friday on reports China offered to increase imports from the US by $1 trillion over the next six years. S&P 500 advanced 1.3% to 2670.71, closing 2.9% higher for the week. Dow Jones industrial rose 1.4% to 24706.35. The Nasdaq added 1% to 7157.23. The dollar strengthening accelerated as data indicated industrial production rose 0.3% in December, in line with expectations: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, rose 0.3% to 96.35 but is lower currently. US markets are closed today for a holiday.
DAX 30 leads European indices gains
European stocks finished solidly higher on Friday. The GBP/USD joined EUR/USD’s continued slide but both pairs are higher currently. The Stoxx Europe 600 Index gained 1.8%. The DAX 30 jumped 2.6% to 11205.54. France’s CAC 40 rose 1.7% and UK’s FTSE 100 advanced 2.0% to 6968.33.
Shanghai Composite leads Asian indices gains
Asian stock indices are higher today despite a report of slower economic growth in China. Nikkei added 0.3% to 20719.33 with yen resuming its climb against the dollar. Chinese stocks are gaining as Beijing reported the economy expanded by 6.6% over a year, down from 2017’s 6.9%: the Shanghai Composite Index is up 0.6% and Hong Kong’s Hang Seng Index is 0.4% higher. Australia’s All Ordinaries Index inched 0.2% higher despite the Australian dollar turn higher against the greenback.
Brent down
Brent futures prices are lower today. Prices ended solidly higher on Friday: Brent for March settlement gained 2.5% to close at $62.70 a barrel Friday, rising 3.7% for the week.