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13-Oct2018

US markets end higher on Friday

The US markets ended higher on bargain hunting with the major averages bouncing off the multi-month closing lows set on Thursday. The substantial rebound by stocks also came as strong Chinese trade data helped eased concerns over slowing global growth. Figures from China's customs administration showed Chinese exports logged double-digit annual growth in September despite escalating trade tensions with the U.S. Additionally, top White House economic adviser Larry Kudlow told reporters a meeting between President Donald Trump and Chinese President Xi Jinping at a multilateral summit in November is under discussion.

On the economic front, the Labor Department released a report showing a much bigger than expected increase in U.S. import prices in the month of September. The Labor Department said import prices climbed by 0.5 percent in September after falling by a revised 0.4 percent in August. Economists had expected import prices to rise by 0.2 percent. Meanwhile, the report said export prices came in unchanged in September after slipping by a revised 0.2 percent in August. Export prices had also been expected to increase by 0.2 percent. A separate report from the University of Michigan unexpected showed a modest decrease in consumer sentiment in the month of October. The preliminary report showed the consumer sentiment index dipped to 99.0 in October from the final September reading of 100.1. The drop surprised economists, who had expected the index to inch up to 100.4.

Dow Jones Industrial Average surged 287.16 points or 1.15 percent to 25,339.99, Nasdaq gained 167.83 points or 2.29 percent to 7,496.89 and S&P 500 was up by 38.76 points or 1.42 percent to 2,767.13.


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