The talks between US President Joe Biden and Chinese President Xi Jinping on the Ukraine crisis ended without a surprise. After which three major Wall Street indexes closed higher on Friday due to the biggest rise from broken technology stocks.
Slow rise in oil prices also brought relief to investors as they digested the Federal Reserve’s interest rate hike on Wednesday. In addition, he appeared to be aggressively planning his growth ahead with a view to counter rising inflation.
The White House said US President Joe Biden warned Chinese leader Xi Jinping during a call that there would be “consequences” if Beijing gives material support to Russia’s invasion of Ukraine. However, during this time both sides stressed the need for a diplomatic solution to the crisis.
While Xi called on NATO countries to negotiate with Moscow, he did not blame Russia for the invasion.
“The outcome of the meeting was expected,” said Art Hogan, chief market strategist at National Securities in New York, regarding the Xi/Biden talks. He added that as the Russia/Ukraine talks were on, investor sentiment remained optimistic.
On Friday, 18.47 billion shares traded higher in the U.S., boosting expiry volume, compared to the 14.56 billion moving average of the previous 20 sessions. traded on exchanges.
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The Dow Jones Industrial Average rose 274.17 points, or 0.8%, to 34,754.93, the S&P 500 rose 51.45 points, or 1.17%, to 4,463.12 and the Nasdaq Composite rose 279.06 points, or 2.05%, to 13,893.84.
Wall Street’s three main indexes posted their biggest weekly percentage gains since the start of November 2020, with the S&P rising 6.2%, while the Dow gained 5.5% and the Nasdaq 8.2%.
Of the 11 major S&P 500 sectors, 10 closed higher, with heavyweight technology and consumer discretionary both rising 2.2%, while communications services rose 1.4%.
The only declining sector was that of utilities, which closed down 0.9%.
Moderna Inc. (MRNA.O) closed down 6.3% after the drug company requested the US Food and Drug Administration to allow a second booster of its COVID-19 vaccine.
Shares of Boeing Co rose 1.4%. The aircraft maker has received orders for 100 of its 737 MAX 10 jets from Delta Air Lines, only the utilities sector saw a decline and it closed down 0.9%
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