Strong GDP report pushes US stocks to record high

By IFCMarkets

Dollar weakens despite stronger than expected GDP data

US stock market rebounded on Friday boosted by stronger than expected GDP report. The S&P 500 rose 0.5% to record high 2939.88, ending 1.2% higher for the week. Dow Jones industrial advanced 0.3% to 26543.33. The Nasdaq gained 0.3% to fresh record high 8146.40.The dollar slipped despite a report the US economy grew at an above expected annual rate of 3.2% in the first quarter. 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, lost 0.1% to 98.02 and is lower currently. Futures on US stock indexes point to higher openings today.

DAX 30 outperforms European indexes

European stocks recovered on Friday supported by strong earnings and US GDP report. Both the EUR/USD and GBP/USD turned higher and continue climbing currently. The Stoxx Europe 600 Index added 0.2% led by healthcare and auto shares. The DAX 30 advanced 0.3% to 12315.18. France’s CAC 40 edged up 0.2% while UK’s FTSE 100 slipped 0.1% to 7428.19.

FR40 advances above MA(50)  04/29/2019 Market Overview IFC Markets chart

Hang Seng leads Asian indexes gains

Asian stock indices are mixed today. Nikkei was closed for a holiday while yen turned lower against the dollar. China’s markets are mixed ahead of US Trade Representative Lighthizer and Treasury Secretary Mnuchin visit Beijing to resume trade negotiations: the Shanghai Composite Index is down 0.8% while Hong Kong’s Hang Seng Index is 1% higher. Australia’s All Ordinaries Index is 0.4% lower as the Australian dollar continues its climb against the greenback.

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Brent futures prices are edging higher today. Prices fell sharply on Friday after President Trump demanded that OPEC raise output to offset the impact of US sanctions against Iran exports. Brent for June settlement fell 3% to close at $72.15 a barrel Friday, adding 0.3% for the week.

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