Industrials Lead Equities Rebound as Oil Gains: Markets Wrap

U.S. stocks were higher Friday buoyed by gains in industrial shares and utilities, while oil continued to climb as concerns about an oversupply faded.

In the U.S., the S&P 500 Index and Dow Jones Industrial Average were up, but Nasdaq Composite Index was slightly lower in expected light trading leading up to the July 4 holiday. Meanwhile, Europe’s benchmark equity gauge added to its fourth straight weekly loss. Bonds steadied after yields rose across the globe this week as central bankers shifted toward a more hawkish tone. The dollar rose slightly.

Volatility is making a comeback -- though still low by historical standards -- as the debate on normalizing central bank policy intensifies after nine years of unprecedented stimulus.

Technology stocks have been under pressure this week, while banks have been supported on the prospect for higher rates.

Here are the main moves in markets:

Stocks

The S&P 500 Index was up 0.1 percent at 10:53 a.m. in New York, following Thursday’s 0.9 percent decline.

The Dow Jones Industrial Average rose 0.3 percent, while the Nasdaq Composite lost less than 0.1 percent.

The Stoxx 600 Europe Index fell 0.2 percent as gains in technology and consumer shares couldn’t offset losses in chemical makers.

Currencies

The euro fell 0.3 percent to $1.1408, after increasing 0.6 percent on Thursday to the highest levels since last year’s Brexit vote. It’s gained 7.1 percent this quarter.

The pound dropped 0.3 percent to $1.2964, snapping seven days of gains. The currency is up 3.4 percent this quarter.

The yen was flat at percent to 112.19 per dollar.

The Bloomberg Dollar Spot Index added 0.1 percent but headed for a monthly decline of 1.3 percent. It’s poised for a fourth month of losses and is down 3.3 percent this quarter.

Commodities

Gold fell 0.2 percent to $1,243.17 an ounce. The precious metal is heading toward its first monthly decline this year.

Source: Bloomberg Pro Terminal

Junior Trader Stefan Panteleev

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