The New York stock exchange’s key indices reported modest but record breaking or near highs growth on Friday.
According to the trading platform’s website, the Dow Jones industrial average rose by 37.90 points or +0.13 percent to 29,910.37 points at close of the brief session on Friday. The S&P 500 index, which covers the shares of the 500 largest companies in the US economy increased to 3,638.35 by 8.70 points or +0.24 percent. The technology stock rich NASDAQ electronic exchange index increased by 111.44 or +0.92 percent to 12,205.85 points.
Despite a rise in the number of people infected with coronavirus in the United States and data on the U.S. economy, markets were positive this week, suggesting the likelihood that the pandemic situation may affect consumer trust, the Wall Street Journal noted, commenting on the beginning of the session. “Investors are looking forward to the coming year, betting that the [coronavirus] vaccine will limit the spread of COVID-19 and help normalize the economy.”
For WTI crude oil, the price of January futures dropped by -0.39 percent to $ 45.53 per barrel. Yellow metal become cheaper, finishing the week with the most substantial decrease since the end of September, in the midst of improved risk appetite in world markets due to reports of many companies’ success in developing COVID-19 vaccines.
At the Friday session, December gold futures dropped -1.28 percent to $ 1,788.10 per ounce. The February contract that was most active dropped 1.6 percent to $ 1,781. Gold has dropped by more than 4 percent since the beginning of this week – this is the sharpest weekly price drop since September 25.
Owing to a shortened working day in the United States, where Thanksgiving Day was celebrated the day before, trade in gold and other precious metals closes an hour earlier on Friday.