Dow Jones jumps 329 points as relief rally hits Wall Street

NEW YORK, New York – A relief rally hit Wall Street Friday as lawmakers made some progress on the debt ceiling issue. House Speaker Kevin McCarthy however conceded: “We’ve got to make more progress now.”

The deal under discussion will increase the debt ceiling for two years.

“Once a debt deal is done, markets will have to deal with the harsh reality that the Fed is going to kill this economy,” Ed Moya, senior market analyst at Oanda, said in a note on Friday.

“The end of tightening might not occur until the end of summer and that means we will probably get bigger rate cuts next year.”

The tech sector was in heavy demand Friday driving the Nasdaq Composite up 277.59 points or 2.19 percent to close Friday 12,975.69.

The Dow Jones industrials surged 328.69 points or 1.00 percent to 33,093.34.

The Standard and Poor’s 500 added 54.17 points or 1.30 percent to 4,205.45.

Friday’s trading session in the global foreign exchange market concluded with slight movements in major currency pairs with U.S. dollar strength being preserved heading into the weekend.

The euro firmed marginally, with the exchange rate ending Friday around 1.0727. This signifies a minimal appreciation of 0.02 percent.

The dollar exhibited strength against the Japanese Yen, resulting in a closing rate of 140.61, a positive shift for the greenback of 0.41 percent.

The Canadian Dollar settled around 1.3616. This represents a decrease of 0.17 percent.

The British Pound saw a modest increase against the dollar, rising to 1.2347. This translates to a rise of 0.21 percent.

The Swiss Franc declined 0.07 percent to 0.9049.

The Australian dollar fought back Friday after a dismal week, adding 0.20 percent to 0.6517.

The New Zealand dollar continued to sag, notching up another 0.28 percent decline to 0.6045.

Overall, Friday’s trading session in the global foreign exchange market witnessed marginal fluctuations in major currency pairs. These shifts indicate the ongoing dynamics and interactions between different currencies as traders and investors react to various economic factors and market sentiment, not the least of which is the ongoing debate in Washington over the debt ceiling.

Friday marked the end of the trading week for world stock markets, with a mixed bag of results observed across major indices. Despite some positive gains, several markets experienced losses, leaving investors cautiously optimistic.

The FTSE 100, London’s benchmark index, closed at 7,627.20, reflecting a rise of 56.33 points or 0.74 percent. The market saw moderate gains, bolstering investor confidence as the trading day concluded.

Germany’s DAX PERFORMANCE-INDEX also showed strength, climbing by 190.17 points or 1.20 percent to reach 15,983.97 at the end of trading. The positive performance of the DAX suggested a resilient German economy.

In France, the CAC 40 index demonstrated robust growth, gaining 89.91 points or 1.24 percent to settle at 7,319.18. This upward trend indicated favorable conditions for investors in the French market.

Across broader Europe, the ESTX 50 PR.EUR, representing the Eurozone, showed notable progress. The index rose by 67.86 points or 1.59 percent to settle at 4,337.50, indicating optimism among European investors.

The Euronext 100 Index, encompassing a diverse range of European stocks, closed at 1,357.77, posting an increase of 16.82 points or 1.25 percent. This positive performance suggested overall stability in the European stock market.

Belgium’s BEL 20 closed at 3,652.16, witnessing a rise of 25.09 points or 0.69 percent. The modest growth in the index pointed to cautious optimism among Belgian investors.

Russia’s MOEX Russia Index faced a minor setback, as it declined by 4.14 points or 0.19 percent to reach 2,222.51. The dip, although relatively small, hinted at possible challenges for the Russian market.

Asia, however, faced a different scenario. Japan’s Nikkei 225 closed at 30,916.31, registering a modest increase of 115.18 points or 0.37 percent. While the gain was relatively small, it provided some stability to the Japanese market.

On the other hand, Hong Kong’s HANG SENG INDEX faced significant challenges, as it declined by 369.01 points or 1.93 percent to conclude at 18,746.92. The decline raised concerns among investors about the impact of global economic uncertainties on the Hong Kong market.

In China, the SSE Composite Index, representing the Shanghai Stock Exchange, ended the day at 3,212.50, up by 11.24 points or 0.35 percent. This slight rise indicated a relatively stable trading day for Chinese stocks.

Similarly, the Shenzhen Index in China also experienced modest growth, increasing by 13.07 points or 0.12 percent to reach 10,909.65. The index’s performance was met with cautious optimism, with investors keeping a close eye on future developments.

Australia’s S&P/ASX 200 closed at 7,154.80, reflecting a gain of 16.60 points or 0.23 percent. The modest increase in the index indicated a positive sentiment among Australian investors.

In Singapore, the STI Index closed at 3,207.39, experiencing a marginal decline of 0.33 points or 0.01 percent. The small setback did not significantly impact investor sentiment in Singapore.

Moving to Australia, the ALL ORDINARIES index rose by 17.80 points or 0.24 percent, reaching 7,334.50. The increase highlighted stability in the Australian stock market.

India’s S&P BSE SENSEX showed resilience, closing at 62,501.69 with a notable gain of 629.07 points or 1.02 percent. Meantime, India’s NIFTY 50 closed at 18,499.35, posting a gain of 178.20 points or 0.97 percent. The positive performance of the indices reflected investor confidence of investors in the Indian market.

Indonesia’s IDX COMPOSITE experienced a slight decline, as it dropped by 17.23 points or 0.26 percent to settle at 6,687.00. The dip raised cautious sentiments among Indonesian investors.

In Malaysia, the FTSE Bursa Malaysia KLCI closed at 1,402.98, marking a minimal increase of 0.50 points or 0.04 percent. The marginal rise indicated a relatively stable trading day for Malaysian stocks.

New Zealand’s S&P/NZX 50 INDEX GROSS faced challenges, declining by 129.82 points or 1.09 percent to reach 11,830.03. The dip raised concerns among investors about the New Zealand market.

South Korea’s KOSPI Composite Index showed moderate growth, increasing by 4.12 points or 0.16 percent to settle at 2,558.81. The positive performance suggested a relatively stable trading day for South Korean stocks.

Taiwan’s TSEC weighted index demonstrated strength, climbing by 213.05 points or 1.31 percent to reach 16,505.05. The significant increase in the index indicated favorable conditions for investors in the Taiwanese market.

Overall, global stock markets closed with a mix of gains and losses on Friday. While some indices experienced positive growth, others faced challenges. The diverse outcomes emphasized the cautious optimism prevailing among investors amid ongoing economic uncertainties.