Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Strong data lifts stocks after tax scare; oil gains

04/23/2021 | 04:39pm EDT
A man wearing a mask, following the coronavirus disease (COVID-19) outbreak, stands on an overpass with an electronic board showing Shanghai and Shenzhen stock indexes, at the Lujiazui financial district in Shanghai

NEW YORK (Reuters) - Stocks rose on Friday as solid economic data reversed a Wall Street decline the previous session, while the U.S. dollar fell as it lost some of its safe haven appeal.

Oil prices rose more than 1% but ended negative for the week, while strong data lifted the euro.

Stocks rallied on Wall Street, with the S&P 500 hitting an intraday record high, a day after reports of a Biden administration push to raise taxes on capital gains shoved indexes lower. The proposed increases had been public since the presidential campaign.

"What we are seeing here is the market is attempting to rally after yesterday's decline, which I think was an aberration," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

"Since the beginning of Biden's campaign, he has always talked about higher taxes, so this is nothing new for the markets."

The strong economic data also lifted equities.

The Dow Jones Industrial Average rose 227.59 points, or 0.67%, to 34,043.49; the S&P 500 gained 45.19 points, or 1.09%, at 4,180.17; and the Nasdaq Composite added 198.40 points, or 1.44%, at 14,016.81.

MSCI's gauge of stocks across the globe gained 0.77% to end the week down just 0.17%.

The pan-European STOXX 600 index lost 0.13%. Emerging market stocks rose 0.86%.

MSCI's broadest index of Asia-Pacific shares outside Japan closed 0.82% higher. Japan's Nikkei futures rose 1.00%.

IHS Markit's flash factory PMI for the United States hit 60.6 in the first half of the month, the highest reading on records dating back to 2007. In the euro zone, the Composite PMI rose to a nine-month high of 53.7, higher than anticipated. Anything above 50 indicates expansion.

Oil prices edged up with support from the economic data, but concerns over demand from India and Japan lingered, putting a check on gains. Crude futures posted a weekly loss.

"Stronger PMIs across Europe, a weaker U.S. dollar, and some European countries planning to ease some of their restrictions are slightly supporting oil prices," UBS oil analyst Giovanni Staunovo said.

"Oil demand concerns in India due to rising COVID cases are capping the upside."

U.S. crude rose 1.16% to $62.14 per barrel and Brent was at $66.09, up 1.06% on the day.

The euro rose after the strong data, up 0.66% to $1.2094.

The dollar index fell 0.487%, with sterling last trading at $1.3877, up 0.30% on the day. The Japanese yen strengthened 0.05% versus the greenback at 107.90 per dollar.

Benchmark 10-year Treasury notes last fell 1/32 in price to yield 1.5577%, up from 1.556% late on Thursday.

Spot gold dropped 0.4% to $1,776.36 an ounce. Silver fell 0.69% to $25.99.

Bitcoin last fell 1% to $51,167.07.

(Reporting by Rodrigo Campos; additional reporting by Shivani Kumaresan and Shreyashi Sanyal in Bengaluru, Bozorgmehr Sharafedin in London, Laura Sanicola and Herbert Lash in New York; Editing by Dan Grebler, Jonathan Oatis and Richard Chang)

By Rodrigo Campos

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 1.06% 34382.13 Delayed Quote.9.74%
HANG SENG 0.97% 28017.26 Real-time Quote.2.89%
KOSPI COMPOSITE INDEX 1.30% 3157.58 Real-time Quote.10.00%
NIKKEI 225 2.32% 28084.47 Real-time Quote.0.01%
SILVER 1.43% 27.4063 Delayed Quote.2.60%
Latest news "Economy & Forex"
05:55pTENCENT MUSIC ENTERTAINMENT GROUP : Profits ofá9 centsáper share anticipated foráfirst quarter
05:49pU.S. tariff review considers commodity shortages, inflation -official
05:36pBANCO BILBAO VIZCAYA ARGENTARIA S Aá : Fed approves acquisition of BBVA's U.S. banking arm by PNC
05:30pUtilities Up On Cyclical Bias -- Utilities Roundup
05:24pTech Up As Investors Rotate Back Into Sector -- Tech Roundup
05:21pFinancials Up As Inflation Scare Subsides -- Financials Roundup
05:19pConsumer Cos Up After Mixed Retail Sales Data -- Consumer Roundup
05:16pU.S. payments startup Marqeta reveals revenue doubling in IPO filing
05:14pHealth Care Up Amid Cyclical Bias -- Health Care Roundup
05:12pTSX rises 1.21% toá19,366.69
Latest news "Economy & Forex"