Markets Show Solid Gains
U.S. stocks posted solid gains for the week as the technology sector (the largest segment of the S&P 500 Index) rallied, helped by strength in Apple due to the expected announcement of a new video streaming service. The Dow Jones Industrial Average surged 398 points to 25,848, a gain of 1.6%. The technology-heavy NASDAQ Composite rallied 280 points, or 3.8%, to close at 7,688. By market cap, the large-cap S&P 500 outperformed the smaller cap benchmarks by rising 2.9%, while the S&P 400 mid-cap index and small-cap Russell 2000 gained a lesser 1.9% and 2.1%, respectively.
Canada’s TSX rebounded 0.9%, while the United Kingdom’s FTSE 100 gained 1.7%. Major markets were also green across Europe’s mainland. France’s CAC 40 rose 3.3%, Germany’s DAX added 2.0% and Italy’s Milan FTSE gained 2.7%. Markets were also up nicely in Asia. China’s Shanghai Composite rose 1.7% and Japan’s Nikkei gained 2.0%. As grouped by Morgan Stanley Capital International, developed markets rose 2.8%, while emerging markets surged 3.5%.
The precious metal Gold also managed a slight gain amidst the broad-based strength in equities. Gold added $3.60, ending the week at $1302.90 an ounce, a gain of 0.3%. Silver retreated slightly, falling -0.2% to $15.32 an ounce. The energy continued to rebound as West Texas Intermediate crude oil rallied 4.4% to $58.52 per barrel. The industrial metal copper, seen as an indicator of global economic health due to its wide variety of industrial uses, finished the week up 0.4%.