The US stocks climbed for the fourth day in a row, capping off their best week in more than a year.
For the week, the S&P 500 surged 6.2% and the Nasdaq added 8.4%, with both marking their best weekly gains since November 2020. The average rose for the week.
The latest gains came as President Joe Biden and Chinese counterpart spoke about the war in Ukraine. The US threatened action against China if it supported Russia in the Ukraine war during a call between the two leaders.
According to the UN, an estimated 6.5 million people have been displaced within Ukraine since the fighting began.
The market closed at 4:00 pm on Friday.
Mark Mobius advised investors to stick to stocks because he said the Fed will hike rates as high as 7%.
The International Energy Agency announced a plan to cut oil demand. Reducing speed limits, car-free Sundays, and more working from home are some of the proposed steps.
Russia and India are in talks to revive a Cold War-era currency deal to allow firms to conduct business without the need for US dollars. Russia said it had made bond payments in dollars.
West Texas Intermediate was up 1.68% to $104.71 a barrel. The international benchmark for crude oil traded up 1.1% at $107.82 a barrel.
The price of gold was $1,920.30 per ounce. The yield on the 10-year bonds was down.
There was a 2.39% increase to $41,822.04.
All Rights Reserved © 2024
