Tue, 20 Nov 2018
4
Copenhagen

Uncertainty sees U.S. industrial stocks rise, techs weaken

Finance desk
21 Oct 2018, 11:15 GMT+10

NEW YORK, New York - Concerns about trade tariffs and rising U.S. interest rates kept investors on Wall Street cautious on Friday.

Stocks rallied early but by the afternoon the euphoria had died down. The major indices, in the end finished mixed Friday.

The Dow Jones industrials managed a 64.89 points or 0.26% rise for the day, closing out the week at  25,444.34.

The Standard and Poor’s 500 fell just 1 point or 0.04% to 2,767.78.

The tech-laden Nasdaq Composite went against the trend, falling 36.11 points or 0.48% to 7,449.03.

“There are still concerns you can see in the market regarding whether or not higher interest rates are going to weaken growth,” Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey, was quoted by the Reuters Thomson news agency as saying.

Strength in the U.S. dollar the last couple of days was pared back Friday. The euro, around the U.S. close, was changing hands at 1.1514.

The British pound rebounded from the 1.2900 levels to be fetching 1.3068.

The Japanese yen conversely weakened a touch to 112.55.

The Swiss franc was quoted at 0.9960.

The Canadian dollar was changing hands at 1.3103.

The Australian dollar was quoted at 0.7118, and the New Zealand dollar at 0.6588.

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