US Stocks Stabilize After Choppy Trading Week Ahead Of Long Weekend


US stocks stabilize after choppy trading week ahead of long weekend

New York, (APP - UrduPoint / Pakistan Point News - 25th May, 2024) Wall Street swung higher Friday ahead of the long Memorial Day weekend, marking a positive end to a choppy week of trading that saw the Nasdaq set a fresh record even as concerns the US Federal Reserve could keep interest rates higher for longer weighed on markets.

US stocks regained lost ground Friday to trade higher amid renewed enthusiasm for generative AI-linked companies like Nvidia, which closed up 2.6 percent.

"We know that expectations were very high, and yet they seem to meet or exceed them on more than one level," Tom Cahill from Ventura Wealth Management told AFP.

"So whether we like it or not, artificial intelligence now is an important factor when it comes to the stock market sentiment," he added.

The tech-heavy Nasdaq Composite Index finished the day up 1.1 percent, while the broad-based S&P 500 rose 0.7 percent. The Dow Jones Industrial Average stabilized after tumbling 1.5 percent on Thursday to close almost unchanged.

- Key figures around 2030 GMT -

New York - Dow: FLAT at 0.

0 percent at 39,069.59 points (close)

New York - S&P 500: UP 0.7 percent at 5,304.72 (close)

New York - Nasdaq Composite: UP 1.1 percent at 16,920.79 (close)

London - FTSE 100: DOWN 0.3 percent at 8,317.59 (close)

Paris - CAC 40: DOWN 0.1 percent at 8,094.97 (close)

Frankfurt - DAX: FLAT at 18,693.37 (close)

EURO STOXX 50: FLAT at 5,035.41 (close)

Tokyo - Nikkei 225: DOWN 1.2 percent at 38,646.11 (close)

Hong Kong - Hang Seng Index: DOWN 1.4 percent at 18,608.94 (close)

Shanghai - Composite: DOWN 0.9 percent at 3,088.87 (close)

Euro/dollar: UP at $1.0851 from $1.0815 on Thursday

Dollar/yen: UNCHANGED at 156.93 Yen

Pound/dollar: UP at $1.2735 from $1.2696

Euro/pound: UP at 85.17 from 85.16 pence

West Texas Intermediate: UP 1.1 percent at $77.72 per barrel

Brent North Sea Crude: UP 0.9 percent at $82.92 per barrel