Wall Street heads into the long weekend on a high note

  • Indexes trimmed early weekly losses on another batch of encouraging earnings reports.
  • The NYSE and the NASDAQ will remain closed Friday in observance of Good Friday.

Better-than-expected US Retail Sales, indicating solid consumption in the country, lifted not only the greenback this Thursday but also sent the DJIA to fresh yearly highs. The index added 110 points and settled at 26,559, down from an intraday high of 26,601. The S&P and the Nasdaq also finished in the green, although up barely 2 and 4 points respectively. Anyway, the three major indexes are at a striking distance of all-time highs.

The Dow's recovery was backed by a strong rebound in the health-care sector after it spent the week under pressure and solid earnings report from big names such as Caterpillar and American Express. The earnings season is off to a great start with a large majority of companies topping expectations.

Retail sales in the US rose by 1.6% in March, largely surpassing the expected 0.4% advance, and posting the strongest gain in seven months, another sign of economic growth in the world's largest economy.

A political factor backing gains among equities was the Mueller Report released mid-day, which concluded that there was no collusion with Russia as the investigation couldn't establish that the Trump campaign conspired with Russia to interfere elections, despite the overwhelming probed contracts between campaign officials and Russian representatives. Furthermore, the report indicated that collusion is not a federal crime. The report didn't paint a nice picture of President Trump and his advisors, but given that there was no probed criminal activity, stocks rose on relief.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD extends gains to fresh seven-week highs

The American dollar is under selling pressure amid a better market mood. EUR/USD above 1.1140 ahead of several Fed’s speakers that can rock markets.


GBP/USD trades around 1.29 amid speculation of Brexit vote

GBP/USD is trading around 1.29 as speculation mounts about the fate of the Brexit deal. UK PM Johnson faces a test in parliament after securing an accord with the EU.


USD/JPY: struggles near mid-108.00s pivotal point amid weaker USD

US Dollar Index slumped to multi-month lows below 97.50. 10-year US Treasury bond yield adds more than 1% on Friday. Wall Street's main indexes look to start the day little changed.


Gold turns flat above $1,490 as USD remains under pressure

After dropping to a daily low of $1,485, the XAU/USD pair staged a modest rebound during the American trading hours and turned flat on the day near $1,492.

Gold News

China’s downward economic path offers no escape from its trade problems

There were no surprises in China’s GDP figures as the government portrays an economy slipping steadily lower giving little promise of improvement or support for the waning global expansion.

Read more