Thu, 13 May 2021

NEW YORK, New York - U.S. stocks were on fire on Friday as investors and traders bought shares across all sectors, pushing the Dow Jones and S&P 500 to new record closing highs..

"Fed Chair Powell's comments at a virtual IMF panel on Thursday hammered home the point that a coming expected pickup in inflation would be temporary and that ongoing slack in the economy means rate increases won't be on the agenda soon," Stephen Innes, chief global markets strategist at Axi, said in a note to clients as reported by MarketWatch on Friday.

"If the U.S. Treasury market takes Powell at his word on his policy intentions but bond traders turn less confident about inflation being transitory, a steeper U.S. Treasury yield curve looks set to follow," wrote Innes.

The Dow Jones index did best, rising 297.03 points or 0.89 percent to 33,800.60 Friday.

The Standard and Poor's 500 added 31.63 points or 0.77 percent to 4,128.80.

The Nasdaq Composite rose 70.88 points or 0.51 percent to 13,900.19.

The U.S. dollar, which picked up in Asia, softened as U.S. trading to underway. The euro jumped to 1.1927 at one point, before retreating to 1.1903 around the New York close Friday.

The British pound perked up to 1.3715 despite the UK going into mourning over the death of Prince Philip at the age of 99. The Japanese yen went against the trend, falling to 109.65. The Swiss franc was little changed at 0.9247.

The big mover on the day was the Canadian dollar which rallied to 1.2528. The Australian and New Zealand dollars made modest gains to 0.7624 and 0.70543 respectively.

On overseas markets, the Dax in Germany was up 0.21 percent. In Paris, France the CAC 40 climbed 0.06 percent.

London's FTSE 100 dipped 0.38 percent.

On Asian markets, the Australian All Ordinaries was barely changed, up just 2 points or 0./03 percent to 7,252.30.

In Japan, the Nikkei 225 edged up 59.08 points or 0.20 percent to 29,768.06.

China's Shanghai Composite declined 31.88 points or 0.92 percent to 3,450.68.

The Hang Seng in Hong Kong shed 309.27 points or 1.07 percent to28,698.80.

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