Dow, SP 500 post back to back record closes

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Dollar strengthening accelerated as wholesale inflation slowed
US stock market advance accelerated on Friday as Powell’s testimony reaffirmed expectations of a Fed rate cut at the end of month. The S&P 500 gained 0.5% to 3013.75, adding 0.8% for the week. Dow Jones industrial rallied 0.9% to fresh record 27332.10. The Nasdaq also ended higher, gaining 0.6% to 8244.14. The dollar weakening accelerated after report US wholesale prices inflation slowed to 2.1% from 2.3% in May. 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, fell 0.3% to 96.797 and is lower currently. Stock index futures point to higher market openings today

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CAC 40 rose while other European indexes slipped
European stocks ended flat on Friday as data showed euro zone industrial production rose more than expected in May. The EUR/USD joined GBP/USD’s continued climb with euro higher while Pound lower currently. The DAX 30 slipped 0.1% to 12323.32. France’s CAC 40 however rose 0.4% while UK’s FTSE 100 slid 0.1% to 7505.97.


Shanghai Composite leads Asian indexes gains
Asian stock indices are mixed today as China posted its weakest quarterly GDP growth in at least 27 years. Nikkei rose 0.2% to 21685.90 with yen resuming its slide against the dollar. China’s markets are gaining as data showed the world’s second-largest economy expanded by 6.2% over a year earlier, down from the previous quarter’s 6.4%: the Shanghai Composite Index is up 0.4% and Hong Kong’s Hang Seng Index is 0.2% higher. Australia’s All Ordinaries Index extended losses 0.7% with the Australian dollar climb against the greenback intact.


Brent advances
Brent futures prices are edging higher today. Prices rose on Friday: Brent for September settlement ended 0.3% higher at $66.72 a barrel Friday, rebounding 3.9% for the week.