- Dow Jones Industrial Average, DJIA, was adding 306.62 points, or 1.2%, to 25,886.01.
- S&P 500 index put on 41.08 points, or 1.44%, to 2,888.68.
- Nasdaq Composite index also rise, adding 129.38 points, or 1.67%, to 7,895.99.
Global markets traded with an upbeat tone into the weekend with North American equities recovering a portion of their recent selloff. US stocks staged a recovery on Friday with the Dow Jones Industrial Average ended higher by around 300 points and rose for a second day following a yo-yo week with risk-on and risk-off flipping from one day to the next, with the biggest drop for the year coming on Wednesday.
The Dow Jones Industrial Average, DJIA, was adding 306.62 points, or 1.2%, to 25,886.01, while the S&P 500 index put on 41.08 points, or 1.44%, to 2,888.68. The Nasdaq Composite index also rise, adding 129.38 points, or 1.67%, to 7,895.99. Stocks were still ended down for the week in whipsaw 1% daily moves across the Dow and the S&P 500 index saw its 7th one-day 1% move for the month.
Looking across the markets, the front-end rates remained under pressure with the 2-Year UST-bill yields seeing modest gains to extend their rally to 16bps for the week while 5s/30s steepened by 6bps. Crude oil prices (+0.8%) saw modest gains as well, staying in toe with the US stock markets while gold prices drifted lower from recent highs. The Greenback was mixed but left the risk-off currencies weighed on JPY (-0.2%) and CHF (-0.2%). GBP (+0.5%) saw its largest one day rally in a month ahead of the Fed's Jackson Hole Symposium that will be the week's highlight.
The DJIA recovered from the August lows having pierced below the 200-day moving average on three occasions this month to the downside. If bulls cannot claim back the 26000s with conviction, bears will target a run to the 50% mean reversion level of the late Dec 2018 swing lows and mid-July swing market highs, with the target located down in the 24500s.
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