US stocks end solidly higher despite mixed data

IFC Markets

Master Trader
Oct 31, 2012
London (Great Britain)
Dollar weakening intact
US stocks ended solidly higher on Friday despite mixed data. The S&P 500 advanced 1.0% to fresh record 3120.46, booking 0.9% weekly gain. Dow Jones industrial rose 0.8% to 278004.89. The Nasdaq added 0.7% to 8540.83. The dollar weakening was intact as retail sales growth rebounded in October to 0.3% after a 0.3% decline in September, while the 0.8% decline in industrial output was the steepest in 17 months in October. 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 0.2% to 97.96 and is lower currently. Futures on US stock indices point to higher openings.

CAC 40 led European indexes gains
European stock indexes resumed advancing on Friday. EUR/USD and GBP/USD continued their climbs Friday with both pairs higher currently. The Stoxx Europe 600 Index rose 0.4% with bank shares’ losses capping the gain. The DAX 30 gained 0.5% Friday to 13241.75. France’s CAC 40 advanced 0.7% and UK’s FTSE 100 added 0.1% to 7302.94.


Hang Seng leads Asian Indexes Advance
Asian stock indices are mostly rising today. Nikkei ended 0.5% higher at 233416.76 as yen continued its slide against the dollar. China’s markets are rising as China's central bank cut its reverse repo rate to 2.5%: the Shanghai Composite Index is 0.6% higher and Hong Kong’s Hang Seng Index is up 1.2%. Australia’s All Ordinaries Index however turned lower 0.4% as Australian dollar kept rising against the greenback though at slower pace.

Brent down
Brent futures prices are edging lower today. Prices rose on Friday as the oil-field services firm Baker Hughes reported the number of rigs drilling for crude dropped by 10 last week to 674: Brent for January settlement rose 1.6% to $630.30 a barrel Friday.