The Dow lifted near 400 points, the S&P 500 retook the 4400-point mark and the Nasdaq 100 is poised to have risen 10% from its late October low. The catalyst: a surge in demand for tech stocks, both megacaps and others. Helping market sentiment was a steadier US Treasury market. After yields tumbled on Wednesday and surged on Thursday, they were little changed on Friday.
- All 10 S&P 500 sectors ended in positive territory, led by a 2.20% gain for the tech sector.
- The NASDAQ posted 61 new highs and 353 new lows.
- Base metals fell sharply across the board. Copper -1.21%, Nickel -3.29%, Aluminium -1.20%, Zinc -1.69% Lead -0.32%, and Tin +0.69%.
- Gold fell 1.13%, slipping for a second consecutive week as safe-haven demand eased and an increasingly hawkish stance from the Fed added to the downside.
- Oil prices gained overnight as Iraq voiced support for OPEFC+ oil cuts. Brent Crude +2.10%, and WTI +2.32%.
- 10Y yields: US 4.618%, Australia 4.632%, and Germany 2.715%.
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