Wall Street climbed on Friday, as a surge in the tech sector and a rally in Amazon shares helped push the Nasdaq to its best day in nearly a year.
The Dow Jones Industrial Average rose 31.92 points, or 0.14 percent, to 23,432.78, the S&P 500 gained 20.66 points, or 0.81 percent, to 2,581.06 and the Nasdaq Composite added 144.49 points, or 2.2 percent, to 6,701.26.
Last week Saudi Arabia and Russia declared their support for extending a global deal to cut oil supplies for another nine months. Reuters reported on Oct. 18, citing OPEC sources, that producers were leaning towards a nine month extension of existing production agreements. Discussions are continuing in the run-up to the Nov. 30 meeting, which oil ministers from OPEC and the participating non-OPEC countries will attend.
The deal has supported the oil price, which on Friday reached $59.91 a barrel, the highest level since July 2015, but a backlog of stored oil has yet to be run down and prices are still at half the level of mid-2014. The supply pact is aimed at reducing oil stocks in OECD industrialized countries to their five-year average, and the latest figures suggest producers are just over half way there. Stock levels in September stood at about 160 million barrels above that average, according to OPEC data, down from January’s 340 million barrels above the five-year average.
Dollar index registers biggest weekly gain in 11 months – On Thursday, the ECB said it will extend its bond purchases into September 2018 while reducing its monthly purchases by half to 30 billion euros starting in January.
U.S. Q3 GDP rises 3 pct, exceeds analyst forecasts
Catalan parliament vote to secede boosts yen, Swiss franc – The euro fell on Friday, marking its biggest weekly loss of the year a day after the European Central Bank decided to prolong its bond purchases and signaled its willingness to stick with an ultra-loose policy stance. The move raised bets the ECB was unlikely to raise interest rates until 2019 as the U.S. Federal Reserve has remained on its path to hike U.S. rates further.
The Fed will hold a two-day policy meeting next Tuesday and Wednesday where policy-makers are expected to leave rates unchanged.
The tension between Madrid and Catalonia’s secessionists also stoked selling in the single currency after the Catalan parliament on Friday declared independence from Madrid following a secret ballot. Spain Prime Minister Mariano Rajoy retaliated by sacking the Catalan government and set elections on Dec. 21.
Finance Definition: Kurtosis
A measure of the peakiness displayed by a probability distribution.
Analysis: New Zealand
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