NEW YORK, New York - A wave of buying drove U.S. stocks higher on Friday, despite a spike in inflation.
"The Consumer Price Index for All Urban Consumers (CPI-U) in August increased 0.4 percent on a seasonally adjusted basis in August after rising 0.1 percent in July," the U.S. Bureau of Labor Statistics said in a statement Friday. "Over the last 12 months, the all items index increased 3.4 percent before seasonal adjustment."
The Standard and Poor's 500 closed at 7,656.95, up 65.25 points, or 0.86 percent, on volume of 2.632B. The benchmark index traded between a low of 7,636.75 and a high of 7,677.02 during the day, against a 52-week range of 6,316.91 to 7,816.70.
The Dow Jones Industrial Average led the advance, finishing at 52,573.29, up 509.19 points, or 0.98 percent, on volume of 351.925M. The blue-chip index moved between 52,204.46 and 52,720.24 on the day, within a broader 52-week range of 45,057.28 to 54,744.33.
The technology-heavy NASDAQ Composite also posted a strong gain, closing at 26,333.04, up 251.31 points, or 0.96 percent, on volume of 5.541B. It traded between 26,283.11 and 26,431.22, against a 52-week range of 20,690.25 to 27,190.21.
Market strategists attributed the gains to improved risk sentiment, with investors rotating back into equities following a stretch of cautious trading. Attention now shifts to next week's economic releases for further direction.
U.S. Dollar Mixed Friday: Stronger Against Euro, Loonie and Franc; Weaker Versus Pound, Aussie and Yen
The U.S. dollar ended Friday's global foreign exchange session with a split performance, strengthening against the euro, Canadian dollar and Swiss franc while losing ground to the British pound, Australian dollar and Japanese yen.
The EUR-USD pair — the world's most heavily traded currency cross — moved down 0.15 percent, leaving the euro at 1.1595 dollars. The modest decline reflected continued caution over the eurozone's growth outlook, traders said, even as the single currency held well above its recent lows.
The dollar's gains were offset by a loss against the Japanese yen. USD-JPY fell 0.45 percent to 153.72, despiter the greenback benefiting from the widening interest-rate gap between Washington and Tokyo. The pair remains a focal point for intervention watchers, given the yen's persistent past weakness.
Sterling bucked the broader trend. GBP-USD edged up 0.10 percent to 1.3525, supported by expectations that the Bank of England will keep rates elevated for longer than its peers.
The Australian dollar also firmed, with AUD-USD climbing 0.21 percent to 0.7172. The commodity-linked currency drew support from firmer metals prices and improved risk appetite during the session.
The Canadian dollar, by contrast, slipped. USD-CAD advanced 0.27 percent to 1.3871, as softer crude oil prices weighed on the loonie and traders positioned for a more accommodative tone from the Bank of Canada.
The Swiss franc also softened against the greenback, rounding out the dollar's gains against three of the six major currencies tracked in Friday's session.
Strategists noted that the mixed dollar performance underscored a market still searching for a clear directional catalyst, with attention now turning to next week's economic data and central bank commentary.
Global Stocks End Divided Friday as Canadian, UK, and European Benchmarks Rally, Asia Slides
World stock markets closed out Friday's session with a sharply divided performance, as Canadian, UK, and European indices pushed higher while most Asian benchmarks retreated.
Canada's S&P/TSX Composite index rose to 35,697.49, up 191.21 points, or 0.54 percent, on volume of 213.676M. The index ranged from 35,578.54 to 35,857.40 during the session.
The FTSE 100 in London finished at 10,650.44, up 41.52 points, a gain of 0.39 percent. The session saw the index trade between a low of 10,602.13 and a high of 10,714.67, against a 52-week range of 9,177.10 to 10,989.50.
On the continent, Germany's DAX P climbed to 25,568.56, adding 207.41 points, or 0.82 percent. Its daily range was 25,396.38 to 25,581.22, with a yearly range of 21,863.81 to 26,618.74.
In Paris, the CAC 40 rose to 8,179.77, up 63.01 points, or 0.78 percent. The index moved between 8,140.80 and 8,207.71 on the day, within a broader range of 7,505.27 to 8,755.03.
The EURO STOXX 50 I advanced to 6,325.13, gaining 56.16 points, or 0.90 percent. It traded between 6,285.11 and 6,341.44, against a 52-week range of 5,359.31 to 6,577.20.
The Euronext 100 Index closed at 1,901.51, up 14.82 points, or 0.79 percent, after moving between 1,888.44 and 1,909.04. Its yearly range stands at 1,606.50 to 1,984.60.
In Brussels, the BEL 20 ended at 5,713.36, up 24.53 points, or 0.43 percent, with a daily range of 5,690.92 to 5,764.73 and a 52-week range of 4,631.38 to 5,905.83.
Asia was largely weaker. Hong Kong's HANG SENG INDEX fell to 24,805.63, down 148.84 points, or 0.60 percent, trading between 24,570.24 and 24,851.18. Its 52-week range is 22,518.00 to 28,056.10.
In Singapore on Friday, the STI Index was a rare gainer in the region, closing at 5,695.93, up 6.18 points, or 0.11 percent. It ranged from 5,669.22 to 5,710.95 on the day, within a yearly range of 4,264.99 to 5,828.50.
On the Chinese mainland, the SSE Composite Index closed at 3,888.11, down 46.29 points, or 1.18 percent, on volume of 2.078B. It traded between 3,852.03 and 3,912.32, within a 52-week range of 3,741.11 to 4,258.86.
Japan's Nikkei 225 posted the day's largest drop among major benchmarks, closing at 64,011.34, down 1,259.61 points, or 1.93 percent. The index ranged from 63,208.63 to 64,312.02, against a 52-week range of 44,357.65 to 72,831.73.
In Australia, the S&P/ASX 200 [XJO] dropped to 8,741.20, down 78.20 points, or 0.89 percent, after trading between 8,699.80 and 8,819.40. Its 52-week range is 8,262.40 to 9,296.70. The broader ALL ORDINARIES [XAO] fell to 8,920.20, down 88.10 points, or 0.98 percent, with a daily range of 8,881.60 to 9,008.30 and a yearly range of 8,454.90 to 9,474.80.
New Zealand's S&P/NZX 50 INDEX GROSS ended at 13,580.33, down 130.68 points, or 0.95 percent, after trading between 13,569.94 and 13,740.52. Its yearly range is 12,689.78 to 14,069.22.
India's S&P BSE SENSEX slipped to 74,781.76, down 120.84 points, or 0.16 percent. It traded between 74,160.16 and 74,917.15, against a 52-week range of 71,545.81 to 86,159.02.
In Indonesia, the IDX COMPOSITE closed at 6,541.38, down 47.96 points, or 0.73 percent, moving between 6,462.96 and 6,552.79. Its yearly range is 5,317.91 to 9,174.47.
Malaysia's FTSE Bursa Malaysia KLCI fell to 1,686.74, down 18.78 points, or 1.10 percent, with a daily range of 1,682.56 to 1,705.69 and a 52-week range of 1,585.06 to 1,771.25.
In South Korea, the KOSPI Composite Index saw one of the region's steepest declines, closing at 6,909.91, down 124.01 points, or 1.76 percent, on volume of 268,876. The index ranged from 6,802.50 to 6,948.83 on the day, within a 52-week range of 3,362.86 to 9,385.59.
Taiwan's TSEC CAPITALIZATION WEIGHTED ST dropped to 46,184.85, down 755.64 points, or 1.61 percent. It traded between 45,942.44 and 46,651.21, against a yearly range of 25,284.17 to 48,218.87.
In Israel on Friday, the TA-125 was unchanged, closing at 4,121.28, flat at 0.00 percent. Its daily range was 4,101.62 to 4,187.90, with a 52-week range of 3,023.40 to 4,588.51. Other Midwest markets were closed and will reopen on Sunday.
In South Africa, the Top 40 USD Net TRI Index rose to 7,181.59, up 31.34 points, or 0.44 percent, after moving between 7,104.76 and 7,246.93. Its yearly range is 5,962.60 to 8,184.71.
(This report incorporates quotes retrieved with the assistance of artificial intelligence).
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