By IFCMarkets
US stock indices ended at record highs on Friday as Republican lawmakers inched closer to tax bill passage after agreement to expand the child tax credit. The dollar strengthening continued as capacity utilization hit a 2.5-year high at 77.1% for November. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, rose 0.2% to 93.931. S&P 500 climbed 0.9% to record high 2675.81 led by technology and consumer staples shares. The US broad market index gained 0.9% for the week. Dow Jones industrial average added 0.6% to fresh record 24651.74. The Nasdaq composite jumped 1.2% to new record 6936.58. Futures indicate higher market openings.
European markets retreat continued on Friday led by retail and bank shares. Both the euro and British Pound ended lower against the dollar. The Stoxx Europe 600 index lost 0.2%, closing the week 0.3% lower. The DAX 30 however rose 0.3% to 13103.56. France’s CAC 40 fell 0.2% while UK’s FTSE 100 rose 0.6% to 7490.57 as European Union leaders determined Brexit talks may move on to the second phase that includes trade negotiations.
Asian stock indices are rising today tracking Friday’s advances on Wall Street. Nikkei ended 0.6% higher at 24651.74 as yen resumed weakness against the dollar. Chinese stocks are higher as a three day Central Economic Work conference starts today where Communist Party leaders will discuss economic policy: the Shanghai Composite Index is up 0.1% and Hong Kong’s Hang Seng Index is 0.9% higher. Australia’s All Ordinaries Index is up 0.7% despite a rise in Australian dollar against the greenback.
Oil futures prices are higher today. Prices ended lower Friday on higher US domestic output concerns after Energy Information Administration Wednesday reported that total US crude production rose 73,000 barrels a day to 9.78 million barrels a day last week. February Brent fell 0.1% to $63.23 a barrel on Friday.
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