Tue, 18 May 2021

U.S. investors cheer as share prices break new records

Lola Evans
17 Apr 2021, 07:53 GMT+10

NEW YORK, New York - U.S. stocks powered ahead on Friday breaking new records, as sharemarkets generally around the globe rallied.

Both the Standard and Poor's 500 and the Dow Jones index saw out the week at historical highs.

"Everyone is looking at just how far we can run before we start raising interest rates," George Catrambone, head of Americas trading at DWS Group told Reuters Thomson Friday.

"Until we see that significant inflation growth and the Fed starts to talk about raising interest rates, I think it's going to be goldilocks, and any disruptions in the market will be opportunities to clean up your risk book."

The Dow Jones jumped 164.68 points or 0.48 percent Friday, to close at 34,200.67.

The Standard and Poor's 500 advanced 15.05 points or 0.36 percent to 4,185.47.

The Nasdaq Composite nudged up 13.58 points or 0.10 percent to 34,052.34.

The U.S. dollar was slightly weaker against most currencies. The euro edged up to 1.1980 by the New York close Friday. The British pound rose to 1.3838. The Japanese yen was slightly weaker at 108.79. The Swiss franc firmed to 0.9200.

The Canadian dollar strengthened to 1.2507. The Australian and New Zealand dollars were a fraction stronger at 0.7733 and 0.7140 respectively.

In Europe, the German Dax rallied 1.34 percent. The Paris-based CAC 40 climbed 0.85 percent.

London's FTSE 100 gained 0.52 percent.

On Asian markets, in Japan, the Nikkei 225 finished ahead 40.68 points or 0.14 percent on Friday, at 29,683.37.

China's Shanghai Composite added 27.63 points or 0.81 percent to 3,426.62.

The Australian All Ordinaries finished flat on Friday, gaining just 0.80 of a single point or 0.01 percent to 7,318.30.

The Hang Seng in Hong advanced 176.57 points or 0.61 percent to 28,969.71.

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