US stocks rise as technology and consumer rally
US stocks rose on Friday, with technology and consumer discretionary sectors leading a rally, as upbeat earnings reports helped investors overlook trade and growth worries.
A strong rally at start of the year was stalled this week by concerns about global economic growth, US government shutdown and U.S.-China trade talks. But with fourth-quarter earnings largely exceeding Wall Street expectations, the benchmark S&P 500 is holding near six-week highs.
News that the US Senate was looking for a way to end a partial US government shutdown, entering its 35th day, also added to the mood.
The consumer discretionary sector rose 1.27 percent, boosted by gains in Starbucks Corp and Amazon.com Inc. Starbucks Corp shares rose 4.17 percent as the popularity of its holiday-themed drinks in the United States helped quarterly sales top analysts’ expectations.
The S&P technology sector rose 0.54 percent, lifted by gains in shares of Western Digital Corp and Apple Inc.
Three-fourth of the 97 S&P 500 companies that have reported quarterly results have surpassed profit estimates, according to Refinitiv data. That is above the historical average of 64 percent.
However, Intel Corp’s dismal current-quarter forecast, which it blamed on a slowdown in China and sluggish demand for its data center and modem chips, sent its shares down 7.72 percent.
Intel also capped gains in the Philadelphia Semiconductor Index which climbed 0.50 percent, after a near 6 percent surge on Thursday.
The Dow Jones Industrial Average was up 187.57 points, or 0.76 percent, at 24,740.81, the S&P 500 was up 17.50 points, or 0.66 percent, at 2,659.83 and the Nasdaq Composite was up 51.15 points, or 0.72 percent, at 7,124.61.
Shares of Apple rose 2.10 percent and Amazon climbed 1.35 percent. PHLX housing index climbed 1.65 percent. Colgate-Palmolive Co dropped 0.84 percent after the toothpaste maker forecast a decline in 2019 earnings.
Advancing issues outnumbered decliners by a 5.82-to-1 ratio on the NYSE and by a 3.28-to-1 ratio on the Nasdaq.
India Sensex rises over 250 points, nifty above 10,900
Domestic stock markets started Friday’s session on a higher note tracking positive global cues. The S&P BSE Sensex rose as much as 279.38 points to touch 36,474.48, while the Nifty50 barometer of the National Stock Exchange surged by 81.9 points to 10,931.70. The gains on Dalal Street were led by buying in IT, FMCG, banking and metal stocks. Heavyweights Reliance Industries (RIL), Tata Consultancy Services (TCS), HDFC, ITC and Kotak Mahindra Bank contributed the most to the advances on the Sensex.
France stocks higher at close of trade; CAC 40 up 1.11pc
France stocks were higher after the close on Friday, as gains in the Technology, Oil & Gas and Utilities sectors led shares higher. At the close in Paris, the CAC 40 rose 1.11 percent to hit a new 1-month high, while the SBF 120 index gained 1.09 percent. The best performers of the session on the CAC 40 were ArcelorMittal SA, which rose 5.51 percent or 1.046 points to trade at 20.040 at the close. Meanwhile, Renault SA added 4.91 percent or 2.86 points to end at 61.16 and STMicroelectronics NV was up 4.40 percent or 0.605 points to 14.370 in late trade. The worst performers of the session were EssilorLuxottica SA, which fell 0.63 percent or 0.70 points to trade at 111.15 at the close. Veolia Environnement VE SA declined 0.61 percent or 0.110 points to end at 18.065 and Danone SA was down 0.56 percent or 0.35 points to 62.45. The top performers on the SBF 120 were Eramet which rose 8.38 percent to 58.20, Ipsos which was up 8.08 percent to settle at 23.00 and Alstom SA which gained 6.10 percent to close at 36.37.
FTSE 100 ends lower for fourth session
FTSE 100 gave up session gains to close 0.1 percent lower, while the FTSE 250, which tends to gain from a stronger pound, rose 0.1 percent.
The blue-chip index shed 2.3 percent this week, its biggest loss in seven weeks. The mid-cap index had its worst week since Dec. 21, dropping 0.6 percent. Sterling rallied to an 11-week high on growing optimism that Britain will avoid a no-deal Brexit after a newspaper report that Northern Ireland
’s Democratic Unionist Party has privately decided to back May’s Brexit deal next week if it includes a time limit to the Irish backstop. However, the European Union has consistently said it won’t put an end date on the backstop. Stocks with greater international exposure were among the biggest drags on the main index on accelerating dollar weakness, as AstraZeneca, GSK and British American Tobacco all fell.
Saudi Arabia stocks lower; tadawul all share down 0.37pc
Saudi Arabia stocks were lower after the close on Thursday, as losses in the Media & Publishing, Agriculture & Food and Cement sectors led shares lower.
At the close in Saudi Arabia, the Tadawul All Share fell 0.37 percent. The best performers of the session on the Tadawul All Share were Saudi Steel Pipe Company, which rose 6.67 percent or 1.30 points to trade at 20.80 at the close. Meanwhile, Saudi Advanced Industries Co. added 4.50 percent or 0.62 points to end at 14.40 and Qassim Agriculture Co. was up 4.28 percent or 0.46 points to 11.20 in late trade.
The worst performers of the session were Saudi Research and Marketing Group, which fell 5.27 percent or 4.80 points to trade at 86.30 at the close. Advanced Petrochemical Company declined 4.55 percent or 2.50 points to end at 52.50 and Saudi Industrial Investment Group was down 4.24 percent or 0.98 points to 22.14. Falling stocks outnumbered advancing ones on the Saudi Arabia Stock Exchange by 102 to 67 and 20 ended unchanged. Shares in Saudi Advanced Industries Co. rose to 52-week highs; gaining 4.50 percent or 0.62 to 14.40.