Lola Evans
21 Jan 2023, 07:13 GMT+10
NEW YORK, New York - The rally in U.S. stocks continued Friday, with the Nasdaq Composite leading the way. The major movers were Netflix and Alphabet, the parent company of Google, which announced on Friday it was laying off 12,000 employees worldwide.
"We're having a more emotional reaction than expected," Jeff Kilburg, founder and CEO of KKM Financial told CNBC Friday. "A lot of people got so pessimistic, and we saw parabolic moves to kick off the year. Now, as expected, the markets aren't going in a straight line."
"We are finding a way to continue to move and have higher lows. The higher lows put a little bit of confidence in the bulls. However, the technicals are still favoring the bears and selling rallies."
"You're seeing more weight go into some of the beat-up technology and because people are becoming a little bit more thoughtful of opportunity in the absolute tech wreck we saw in 2022," Kilburg added.
The Nasdaq Composite advanced 288.17 points or 2.66 percent to 11,140.43.
The Dow Jones industrials gained 330.93 points or 1.00 percent to 33,375.49.
The Standard and Poor's 500 dropped 73.76 points or 1.89 percent to 3,972.61.
On foreign exchange markets, the U.S. dollar finished the week on a weak note. The euro surged to 1.0856 by the U.S. close Friday. The British pound was robust at 1.2394.
The Canadian dollar jumped to 1.3381. The Australian dollar bounded up to 0.6969. The New Zealand dollar was sharply higher at 0.6471.
Going against the trend, the Japanese yen slid to 129.58. The Swiss franc eased to 0.9203.
Internationally, there were gains on most stock markets Friday, particularly in parts of Asia ahead of the new Lunar Year.
The Hang Sang in Hong Kong surged 1.81 percent. China's Shanghai Composite advanced 0.76 percent.
In Tokyo, the Nikkei 225 rallied 0.56 percent.
The Singapore Straits Times Index rose 0.054 percent. The Australian All Ordinaries garnered 0.23 percent. In Indonesia, the Jakarta Composite increased 0.81 percent.
New Zealand's S&P/NZX 50 jumped 0.77 percent. In South Korea, the Kospi Composite added 0.63 percent.
The Dax in Germany cruised up 0.76 percent. The CAC 40 in Paris rose 0.63 percent. London's FTSE 100 gained 0.30 percent.
(Photo credit: Big News Network).
Get a daily dose of Peking Press news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Peking Press.
More InformationNEW YORK, New York - Stocks ended sharply higher on Tuesday following mixed comments by Federal Reserve Chairman Jerome Powell.Powell ...
NEW YORK CITY, New York: The Wall Street Journal reported this week that the US Federal Trade Commission is preparing ...
VEVEY, Switzerland: In an interview with Frankfurter Allgemeine Zeitung this week, Nestle's Chief Executive Mark Schneider said the world's largest ...
WASHINGTON D.C.: Despite the efforts of the Federal Reserve Bank to cool the job market to help curb record-high inflation, ...
NEW YORK, New York - A sharp rise in U.S. Treasury yields kept buyers at bay on Wall Street on ...
WASHINGTON D.C.: A report released this week detailed how, in January, layoffs in the US reached a more than two-year ...
ROME, Italy: Pope Francis has told reporters that he hoped to travel to Mongolia in September despite his knee ailment, ...
TOKYO, Japan: Japan is preparing to revise legislation to allow it to restrict the export of advanced semiconductor manufacturing equipment ...
PRAGUE, Czech Republic: Ahead of her visit to Taipei, Marketa Pekarova Adamova, Speaker of the Czech Lower House, reiterated to ...
WASHINGTON D.C.: The Biden administration has stopped issuing export licenses to US companies seeking to ship most items to China's ...
TOKYO, Japan: In light of a tense security environment following Russia's invasion of Ukraine and Moscow's growing military cooperation with ...
Tehran, Iran - Iran's army on Tuesday unveiled its first underground base for fighter jets designed to withstand possible strikes ...