NEW YORK: Global Markets rebounded on Friday (20th of Jan, 2-23) after a rocky week dominated by uncertainty over whether the global economy will suffer recession this year as central bankers continue to address inflation.
Major indices in New York, which have been under pressure most of this week, enjoyed a buoyant session, led by tech shares following strong Netflix subscription figures.
The streaming giant reported lower quarterly profits, but Netflix shares surged 8.5 percent after subscriber figures topped analyst estimates, as hits such as “Wednesday” and “Harry & Meghan” drew in new viewers.
Analysts also cited comments from Federal Reserve Governor Christopher Waller endorsing a 25-basis point interest increase at the Fed’s next meeting, smaller than other recent hikes.
“After four or five days of down markets, investors probably feel that most of the bad news is already out and perhaps the selling was overdone,” said Jack Ablin of Cresset Capital.
All three major US indices rose, with the Nasdaq leading with a 2.7 percent jump.
The gains in New York followed earlier up sessions in Asia and Europe.
– Key figures around 2030 GMT –
New York – Dow: UP 1.0 percent at 33,375.49 (close)
New York – S&P 500: UP 1.9 percent at 3,972.61 (close)
New York – Nasdaq: UP 2.7 percent at 11,140.43 (close)
London – FTSE 100: UP 0.3 percent at 7,770.59 (close)
Frankfurt – DAX: UP 0.8 percent at 15,033.56 (close)
Paris – CAC 40: UP 0.6 percent at 6,995.99 (close)
EURO STOXX 50: UP 0.6 percent at 4,119.90 (close)
Tokyo – Nikkei 225: UP 0.6 percent at 26,553.53 (close)
Hong Kong – Hang Seng Index: UP 1.8 percent at 22,044.65 (close)
Shanghai – Composite: UP 0.8 percent at 3,264.81 (close)
Dollar/yen: UP at 129.51 yen from 128.43 yen on Thursday
Euro/dollar: UP at $1.0861 from $1.0833
Pound/dollar: UP at $1.2404 from $1.2391
Euro/pound: UP at 87.52 pence from 87.42 pence
Brent North Sea crude: UP 1.7 percent at $87.63 a barrel
West Texas Intermediate: UP 1.2 percent at $81.31 a barrel