NEW YORK, New York – U.S. stocks made solid gains on Friday after a volatile week that saw recently-attained records battered.
“We’ve seen some profit-taking since Aug. 16, and today we’re seeing some buying on that dip, in the belief that we’re still headed higher,” Tim Ghriskey, chief investment strategist at Inverness Counsel in New York told the Reuters Thomson news agency Friday.
“We’ll see a mix of opinions, but the focus will be on the Delta variant, the economy, the supply chain, and global events,” he said.
“There’s definitely concern about the Delta variant and the potential timeline of the economic recovery.”
At the close on Friday, the Dow Jones industrials were ahead 225.96 points or 0.65 percent at 35,720.08.
The Standard and Poor’s 500 gained 35.87 points or 0.81 percent to 4,441.67.
The Nasdaq Composite advanced 172.88 points or 1.19 percent to 14,714.66.
The U.S. dollar finished the week well ahead, spending Friday consolidating the week’s gains.
The euro however nudged back up to 1.1698 towards the New York close Friday. The British pound remained soft at 1.3624. The Japanese yen weakened further to 109.82. The Swiss franc slipped to 0.9174.
The Canadian dollar was friendless at 1.2833. The Australian dollar was still licking its wounds at 0.7139. The New Zealand dollar was unwanted at 0.6836.
On overseas equity markets, the CAC 40 in Paris climbed 0.31 percent. The Dax in Germany was ahead 0.27 percent. London’s FTSE 100 finished up 0.41 percent.
On Asian markets, in Australia, the All Ordinaries reversed earlier gains to close down 15.50 points or 0.20 percent at 7,719.80. The country continues to battle Delta outbreaks in New South Wales and Victoria, with the former registering another 642 cases on Friday for the prior 24-hour period.
Japanese markets lost ground with the Nikkei 225 dropping 262.44 points or 0.96 percent to 27,018.73.
China’s Shanghai Composite retreated 38.22 points or 1.10 percent to 3,427.33.
The Hang Seng in Hong Kong declined 466.61 points or 1.84 percent to 24,849.72.