Major U.S. stock market indices rose on Friday, but stock indices declined on a weekly basis as investors feared Wednesday’s inflation readings.
On a weekly basis, the Dow Jones was down 0.6 percent, the S&P 500 was down 0.3 percent and the Nasdaq was down 0.7 percent.
Inflation data released on Wednesday surprised and nervous investors in October, as the rate of inflation was clearly faster than expected. In the United States, consumer prices rose 6.2 percent year-on-year in October, while news agency Bloomberg analysts forecast a 5.9 percent rise.
The preliminary reading of the U.S. Michigan Confidence Index for November, released on Friday, was 66.8 points, while analysts predicted readings of 72.5 points.
Finance company Crossmark Global Investmentsin main strategy Victoria Fernandezin according to stock market movements “reflect past events of the week”.
“Concerns about supply chain disruption may have already reached their worst. We will get more information on the subject next week when retailers Walmart and Target publish their results, ”he commented to CNBC.
The big technology giants went up on Friday. Facebook parent company Methane the share price rose four percent, Apple the share rose 1.4 percent, Amazon the share price rose 1.5 percent and Microsoft share 1.3 percent.
Healthcare company Johnson & Johnson the share price rose 1.2 percent as the company announced it split into two separate companies, one focusing on pharmaceuticals and the other on consumer products. The company estimates it will split within 18-24 months.
Earlier this week, a conglomerate General Electric said it split into three parts. The company’s share price rose 0.6 percent.
An electric car manufacturer listed on Wednesday Rivianin the share price rose 5.7 percent. The company’s share price rose 29.1 percent on Wednesday and 22.1 percent on Thursday. The company is the largest listed company since China Alibaban in 2014 and the largest listed American company since Facebook in 2012.
Finnish food courier service Woltin purchased food ordering and delivery service By Dashin The stock also rose sharply on both Wednesday and Thursday. Today, the company’s share price rose 8.2 percent.
The euro weakened against the US dollar after stock markets closed. The 10-year interest rate on U.S. government debt rose 1.572 percent after the stock markets closed.
The Dow Jones index rose half a percent, the S&P 500 index rose 0.7 percent and the Nasdaq index rose one percent.
Source: Arvopaperi by www.arvopaperi.fi.
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