Stock market news live: Amazon, Apple, Microsoft win this week, China’s economy grows as US recession fears grow.
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US stocks fell slightly early on Monday after major averages posted encouraging results for the week for the first time since June on Friday.
Stocks posted their best three-week period since November 2020, boosted by the prospect of a slower pace of interest hikes by the Fed as well as the results of third-quarter earnings reports.
The major indices started Friday with declines before rising again, ending the session near their highs for the day. The Dow added 748.97 points, or 2.5%, to 31,082.56. The S&P 500 added 86.97 points, or 2.4%, to 3,752.75. The technology-focused Nasdaq Composite added 244.87 points, or 2.3%, to 10,859.72.
All three major indexes ended with weekly gains of at least 4.7%, a respite from a long period of volatility that was marked by sharp swings in stocks and bonds around the world.
Investors focused on corporate earnings as they searched for clues about how inflation and rising interest rates are shaping global economies.
The Federal Reserve is expected to raise interest rates an additional three-quarters of a percentage point at its November meeting. That’s triple the Fed’s usual measure.
The growing strength of the dollar against the yen and other currencies has increased inflationary pressures in these countries by pushing up the costs of imports and debt repayment.
Meanwhile, Asian stocks were mixed on Monday as benchmarks fell in Hong Kong and Shanghai after Beijing reported China’s economy gained momentum in the last quarter.
Benchmarks were higher in Tokyo, Sydney and Seoul.
Market watchers are keeping a cautious eye out for inflationary pressures and any signs of regional downside risk. The second-largest economy grew at an annual rate of 3.9%, down from 0.4% in the previous quarter, but it remains one of the slowest expansions in decades as the country grapples with lockdowns cities to fight virus outbreaks.
Japan’s benchmark Nikkei 225 added 0.5% in afternoon trade to 27,029.83. Australia’s S&P/ASX 200 gained 1.5% to 6,779.40. The South Korean Kospi gained 0.9% to 2,232.59. Hong Kong’s Hang Seng fell 6.3% to 15,185.93, while the Shanghai Composite Index lost 1.9% to 2,982.50.
The future of London’s FTSE 100 dipped slightly after former Prime Minister Boris Johnson announced he would not run for leader of the Conservative Party. Former Treasury chief Rishi Sunak is now the favorite to replace Liz Truss, who resigned last week after her economic tax-cutting program caused turmoil in financial markets.