Thu, 24 Jun 2021

NEW YORK, New York - U.S. stocks rose sharply on Friday despite weak economic data.

The moves on Wall Street mirrored those around the world, as stock indices in general recorded solid gains. The U.S. dollar was sold off.

The U.S. Department of Commerce said U.S. retail sales were largely unchanged in April, following a revised 10.7-percent gain in March. Analysts were expecting a 1 percent improvement.

The U.S. Federal Reserve reported that total industrial production rose 0.7 percent last month, significantly below the 2.4 percent achieved in March, and significantly below expectations.

U.S. Consumer Sentiment disappointed with a reading of 82.8, while inflation expectations surged to 4.6%.

Meantime both U.S. import and export prices increased in April, the U.S. Department of Labor said on Friday.

The price index for U.S. imports rose 0.7 percent in April following a 1.4-percent advance in March. U.S. import prices advanced 10.6 percent from April 2020 to April 2021, the biggest yearly rise since an 11.1-percent gain in the year ending October 2011.

U.S. export prices rose 0.8 percent in April, after increasing 2.4 percent in March. The price index for U.S. exports has not recorded a monthly decline since a 3.5-percent drop in April 2020.

The price index for U.S. exports rose 14.4 percent for the year ending in April, the largest 12-month increase since the index was first published in September 1983.

At the close on Friday, the Nasdaq Composite was ahead 304.99 points or 2.32 percent at 13,429.98.

The Dow Jones industrials added 360.68 points or 1.06 percent to 34,382.13.

The Standard and Poor's 500 gained 61.35 points or 1.49 percent to 4,173.85.

The U.S. dollar came under pressure Friday as the weight of selling hit the beleaguered greenback. The euro shot up to 1.2144 approaching the New York close Friday. The British pound added nearly half-a-cent to 1.4097. The Japanese yen was notionally stronger at 109.33. The Swiss franc gained to 0.9021.

The Canadian dollar was a fraction higher at 1.2115. The Australian dollar rose sharply to 0.7781, while the New Zealand dollar did best of all, advancing to 0.7250.

On overseas equity markets, the FTSE 100 in London gained 1.15 percent. The Greman Dax rose 1.43 percent. The Paris-based CAC 40 added 1.54 percent.

On Asian markets, the Nikkei in 225 in Japan led the charge, jumping 636.46 points or 2.32 percent to 28,084.47.

China's Shanghai Composite accelerated 60.84 points or 1.77 percent to 3,490.38.

The Australian All Ordinaries tacked on 30.40 points or 0.42 percent to 7,239.40.

In Hong Kong, the Hang Seng strengthened by 308.90 points or 1.11 percent to 28,027.57.

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