GLOBAL MARKETS DJIA 33375.49 330.93 1.00% Nasdaq 11140.43 288.17 2.66% S&P 500 3972.61 73.76 1.89% FTSE 100 7770.59 23.30 0.30% Nikkei Stock 26862.54 309.01 1.16% Hang Seng CLOSED Kospi CLOSED SGX Nifty* 18151.50 107 0.59% *Jan contract USD/JPY 129.14-15 -0.27% Range 129.68 129.08 EUR/USD 1.0893-96 +0.35% Range 1.0901 1.0862 CBOT Wheat March $7.414 per bushel Spot Gold $1934.90 0.35% Nymex Crude (NY) $81.31 $0.98 U.S. STOCKS
Stocks rose Friday, boosted by some solid corporate earnings, though two major indexes finished the week with losses after being weighed down by concerns about a slowing economy.
The S&P 500 index rose 73.76 points, or 1.9%, to 3972.61, its first up day after three days of declines. The Nasdaq Composite gained 288.17 points, or 2.7%, to 11140.43, led higher by shares of Netflix and Alphabet. The Dow Jones Industrial Average was up 330.93 points, or 1%, to 33375.49.
The Dow and S&P still suffered their first weekly declines of the new year, falling 2.7% and 0.7% respectively. The Nasdaq's rise on Friday gave the index a third consecutive week of gains.
Stocks have been pressured in recent days by sobering pictures painted by companies reporting their financial results for the final three months of 2022.
ASIAN STOCKS
Japanese stocks were higher in morning trade, led by gains in electronics, machinery and chemical stocks as the yen's recent strength eased and hopes continued for earnings growth ahead of the start of the season this week. USD/JPY was at 129.41, compared with 129.17 as of Friday's Tokyo stock-market close. Investors were focusing on yen and bond yields ahead of the earnings season's start Tuesday. The Nikkei Stock Average was up 1.1% at 26839.52.
Markets in China, Hong Kong and South Korea are closed for the Lunar New Year holiday.
FOREX
USD/JPY could fall below 128.00 later this week if U.S. data suggest economic weakness and slowing inflation, IG said. U.S. fourth-quarter gross domestic product data on Thursday and the personal consumption expenditures price index on Friday will be particularly closely watched, it said. Any weakness in U.S. private consumption contained in GDP data will likely weigh on U.S. Treasury yields, it added. USD/JPY was at 129.23, compared with 129.50 late Friday in New York.
METALS
Gold prices were higher in early Asian trade, building on Friday's gains. Prices for the yellow metal logged their fifth straight weekly gain as investors monitored falling bond yields and fears of an economic downturn. BullionVault cautioned that a pullback in gold could come this week, with both Shanghai's gold and its futures exchanges shut for the Lunar New Year. Spot gold is up 0.35% at $1,934.90/oz.
OIL SUMMARY
Oil futures settled higher on Friday, with major benchmarks scoring a second winning week on optimism over Chinese crude demand with the lifting of its Covid-19 restrictions. "As China embarks on a week of New Year festivities, there will also be no positive impetus from this direction, meaning that prices are likely to trend sideways," Commerzbank said.
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(END) Dow Jones Newswires
01-22-23 2215ET
