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24-Feb2018

US Markets end higher on Friday

US markets ended the Friday's session on optimistic note and the major averages ended the session at their best levels of the day. A continued drop by treasury yields contributed to the rally on Wall Street, with the ten-year yield pulling back further off the four-year closing high set on Wednesday. The continued rebound by treasuries came as the Federal Reserve issued its monetary policy report to Congress, with the central bank hinting that it still plans three interest rates hikes in 2018.

Trading activity is somewhat remain subdued, however, as a lack of major U.S. economic data is keeping some traders on the sidelines. A slew of economic data is scheduled to be released next week, including reports on new home sales, durable goods orders, consumer confidence, personal income and spending, and manufacturing activity. Congressional testimony by new Federal Reserve Chairman Jerome Powell is also likely to attract next Wednesday amid lingering concerns about the outlook for interest rates.

The Dow Jones Industrial Average surged 347.51 points or 1.39 percent to 25,309.99, S&P 500 gained 43.34 points or 1.60 percent to 2,747.30 and Nasdaq was up by 127.30 points or 1.77 percent to 7,337.39.


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