All three major U.S. stock indexes closed at record highs on Friday after a rocky week in which investors fretted over the Delta coronavirus variant and cheered an economic recovery, while U.S. Treasury yields rose before a Federal Reserve meeting next week.
Gold was down on Friday morning in Asia, recovering from the more than one-week low hit during the previous session. Retreating U.S. bond yields and weaker-than-expected U.S. economic data also helped to counter a strengthening dollar.
Oil was down Friday morning in Asia, but held onto the bulk of a three-day advance, as optimism that rising demand will tighten the global market prevailed.
The dollar was set to end the week close to where it started following a roller-coaster week in which currencies were tossed around by shifting risk appetite, with the market’s focus now shifting to next week’s U.S. Federal Reserve meeting.
The S&P 500 closed higher Thursday, after recovering intraday weakness supported by a bid up technology stocks amid falling Treasury yields following data showing a surprise rise in weekly jobless claims.
Asia Pacific stocks were mostly up on Friday morning but ended the week on a cautious note as investors digested the latest U.S. economic data and earnings.