|Day's range||29,289.90 - 29,373.60|
|52-week range||24,244.31 - 29,373.62|
A former Trump administration official says markets would prefer Joe Biden over more left wing Democrats who are running for president but that analysts and investors are overreacting.
President Donald Trump on Thursday officially nominated former economic adviser Judy Shelton and St. Louis Fed economist Christopher Waller to the remaining two seats at the Fed.
Asian shares rose on Friday after data in China showed pressure on the world's second biggest economy may be starting to diminish. The news along with easing trade tensions with the United States underpinned riskier assets, even as some markets took a breather in late afternoon trade. European bourses were expected to extend the global rally after Wall Street posted more records.
Asian shares rose on Friday after global stock indexes and Wall Street posted more records, and as China's economic growth matched expectations in spite of U.S. trade pressures. While China's growth in 2019 was the slowest pace of economic expansion in 29 years, held back by anaemic domestic demand and the damaging trade war with the United States, it was in line with analyst expectations and within the government's official target.
Key world equity indexes scaled new highs on Friday, boosted by a surge in U.S. housing starts to levels last seen in 2006, while the greenback rose to a one-week high against the euro on expectations of solid economic growth. Optimism over corporate earnings and indications of resilience in China's economy also lifted equities and pushed government debt yields higher. U.S. housing starts jumped 16.9% to a seasonally adjusted annual rate of 1.608 million units in December, a 13-year high that suggested the industry has recovered and can now help further the longest U.S. economic expansion.
Global stocks rose Friday, seemingly buoyed by high spirits on Wall Street, as new data suggested China's economic slowdown may have stabilized and Washington and Beijing signed a trade deal. European indexes were broadly higher, while markets in Shanghai, Tokyo and Hong Kong closed with gains, after the U.S.'s S&P 500 hit a new high the day before. China's economic growth of 6.1% last year was the lowest since 1990 but forecasters pointed to improved activity in December.
Morgan Stanley jumped 6.6% to lead the S&P 500 after it beat quarterly profit estimates and raised its performance goals, closing out several big U.S. lenders' earnings on a strong note. Sentiment was further lifted by data that showed U.S. retail sales rose 0.3% in December, in line with economists' estimates.
Wall Street struck a trio of fresh records and the S&P 500 closed above 3,300 for the first time, boosted by tech and financial stocks and as investors remained upbeat in the wake of the US-China trade truce. Having already set numerous records this week, the S&P 500 closed 0.8 per cent higher at 3,316.81, led by a 1.4 per cent increase in tech stocks and a 1 per cent rise in industrials. The Dow Jones Industrial Average rose 0.9 per cent to 29,297.64, while the Nasdaq Composite gained 1.1 per cent to 9,357.13.
Global markets were subdued Thursday after the signing of a preliminary China-U.S. trade agreement that investors hope will bring better relations between the world's two biggest economies. U.S. President Donald Trump and China's chief negotiator, Liu He, signed the “Phase 1" deal on Wednesday before a group of corporate executives and reporters at the White House. The pact eases some sanctions on China.
Despite the signing of a phase one trade deal, California companies from banks to cemeteries say they have low optimism over business relationships rebounding in activity.