U.S. stocks finished higher Friday, recouping a portion of the hefty losses they saw in the previous session as investors cheered news that the European Central Bank would take further steps to ease loan collateral for banks. European markets closed out the week with a 1% gain on Friday, despite moving lower on the day, as investors juggled a trading week packed with news, including a new government in Greece, rocketing bond yields in Spain, weak data and downgrades for the region’s major banks. South Korean stocks led most Asian markets lower this morning on unrelenting worries about the euro-zone debt crisis, while Hong Kong shares wavered between small gains and losses in choppy trading.
The Dow Jones Industrial Average rose 67 points, or 0.5%, to close at 12 640.86, but fell 1% for the week, while the S&P 500 added 10 points, or 0.7%, to 1 335.02, losing 0.6% for the week. The Nasdaq Composite rose 33 points, or 1.2%, to 2 892.42, ending the week 0.7% higher.
The Stoxx Europe 600 index lost 0.7% to 246.58 on Friday, but closed 1% higher for the week. The CAC 40 index closed 0.8% lower at 3 090. The FTSE 100 index lost 1% to 5 513.69, but was up 0.6% on a weekly basis. The DAX 30 index dropped 1.3% to 6 263.25 in Friday action. On a weekly basis the index was 0.5% higher.
South Korea’s Kospi dropped 1.2% and Australia’s S&P/ASX 200 index fell 0.7%, while Japan’s Nikkei Stock Average lost 0.7%, after trading in both directions though the morning. China’s Shanghai Composite Index reopened after a long weekend to trade down 0.6%, while Hong Kong’s Hang Seng Index rose 0.1%.
The US dollar is currently trading at 1.25 to the euro, 1.55 to the pound and will buy 80.16 Japanese Yen or 8.42 South African Rand.
At 09:16 Friday‚ the JSE All Share index was down 0.81% to 34 255.34 points‚ with resources losing 1.67%‚ gold shares shedding 1.24% and platinum counters dropping 1.23%. Financials dipped 0.23%‚ banking stocks dropped 0.10% and industrials lost 0.40%.
The benchmark R157 bond was trading at 6.055% from Thursday’s close of 6.030% and Wednesday’s close of 5.960%. The R207 was bid at 7.250% and offered at 7.235% from a previous close of 7.250% and the R186 was trading at 8.070% from its previous close of 8.030%.
Spot gold is currently trading at US$ 1 566.00/oz. and platinum at U $ 1 439.20/oz. Brent crude oil is currently trading at US$ 90.98 per barrel.