US stocks climbed on Friday after three days of losses.
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Nike’s surprisingly strong results in China and data showing that the US economy expanded <strong>morestrong> than previously estimated in the second quarter added to the positive tone.
In Thursday’s speech after the closing bell at the University of Massachusetts, Chair Yellen said that she anticipated a rate hike in the coming months.
Federal Reserve Chairperson Janet Yellen received medical attention on Thursday after coughing, pausing and struggling to finish a speech in which she said the USA central bank was on track to raise interest rates this year for the first time in almost a decade. For the week, the S&P 500 is down 0.51% while the Dow Jones Industrial Average is up 0.25%. The S&P 500 rose 16.01 points, or 0.83 percent, to 1,948.25.
Rounding out action on Comex Friday, December copper shed 1.9 cents, or 0.8%, to $2.284 United States of America a pound, losing 4.3% on the week.
USA gross domestic product rose at a 3.9 percent annual pace between April and June, faster than the 3.7 percent reported last month.
Also helping to boost the Greenback and weaken the EUR/USD, GBP/USD and gold was an upward revision of second-quarter GDP which was influenced by stronger consumer spending and construction. While the central bank would continue to monitor developments overseas, she said that, “we do not now anticipate that the effects of these recent developments” will be large enough to impact the Fed’s interest rate decisions. She primarily writes article publications on financial market news and economic trends.
Julian Jessop, chief global economist at Capital Economics, said Yellen has sent “a pretty clear signal that USA interest rates are still likely to be raised later this year”.
But the company’s shares slumped by more 4% in the afternoon after Germany’s transportation minister said 2.8mn VW cars in the country had been fitted with software to defeat pollution tests. Brent Crude, a benchmark for many global oils, fell 11 cents to $48.75 a barrel in London. “Although the U.S.is continuing to improve, outside the U.S.it’s just scary”.
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On Wednesday, gold prices for December delivery surged $22.30 or 2.0 percent, to settle at $1,153.80 an ounce, as investors opted for the safe haven appeal of the precious metal after global equity markets continued to decline on a few disappointing economic data from the U.S.
