Nov 03, 2024 (MENAFN via COMTEX) --
(MENAFN) US stocks experienced gains on Friday but recorded losses over the course of the week. The Dow Jones Industrial Average rose by 288 points, or 0.69 percent, closing at 42,052. Despite this positive performance on Friday, the blue-chip index suffered a weekly decline of 0.2 percent, reflecting a challenging week for investors. Similarly, the S&P 500 added 23 points, or 0.41 percent, ending the day at 5,728, but it faced a more significant drop of 1.4 percent for the week. The Nasdaq Composite also saw a strong finish, increasing by 144 points, or 0.8 percent, to close just below 18,240, although it fell by 1.5 percent for the week.
The VIX volatility index, commonly known as the "fear index," dropped 6 percent to settle at 21.77, indicating reduced market anxiety among investors. Meanwhile, the yield on the 10-year US Treasury bond increased by 2.3 percent, reaching 4.387 percent, which often reflects changing investor sentiment regarding future interest rates and economic conditions. The movement in yields can be indicative of broader economic trends, as they are influenced by various factors, including inflation expectations and monetary policy decisions.
On the currency front, the US dollar index saw a slight uptick of 0.3 percent, bringing it to 104.31. In contrast, the euro weakened against the dollar, declining by 0.46 percent to trade at USD1.0833. This fluctuation in currency values can impact international trade and investment flows, highlighting the ongoing dynamics in the global financial markets.
In the commodities market, precious metals faced downward pressure, with gold prices slipping by 0.35 percent to USD2,734 per ounce, while silver fell by 0.7 percent, closing at USD32.43. In the energy sector, oil prices experienced a modest increase of around 0.4 percent, with global benchmark Brent crude priced at USD73.14 per barrel and the US benchmark West Texas Intermediate at USD69.55. These movements in oil prices are closely monitored as they can significantly influence inflation and economic growth projections.
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COMTEX_459427823/2604/2024-11-03T16:05:17
