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Wall Street closes higher as US Fed signals dovish stance

written by Bella Palmer

The dollar index was on track for a 0.7% weekly drop, its weakest since early March

Wall Street closed higher as the US Fed signals a dovish stance, with the Dow adding 0.85% to 38,225.66, the S&P 500 rising 0.91% at 5,064.2, and the Nasdaq Composite up 1.51% to 15,840.96. Tech led S&P gains, while materials lagged.

Carvana’s stock soared 33.8% on an upbeat profit forecast, while DoorDash’s declined 10.3% due to profit guidance. Etsy’s shares slipped 15.0% after missing sales expectations, and Peloton dropped 2.5% on CEO resignation and job cuts.

In Asia, Hong Kong’s Hang Seng Index soared 2%, on track for a weekly gain of 5%, while markets in Japan and mainland China remained shut.

The dollar index was on track for a 0.7% weekly drop, its weakest since early March. The yen firmed by 0.55% to 152.80 per dollar, rebounding from earlier lows.

In commodities, US crude gained 0.22% to $79.12 per barrel, while Brent crude was at $83.84, also up 0.22%. Spot gold was at $2,301.01 per ounce, set for a second weekly drop.

Apple’s quarterly results beat expectations, prompting a 6% jump in after-hours trading with a record share buyback program. They also raised their cash dividend by 4% and approved a massive $110 billion stock repurchase program, their biggest ever.

Despite a marginal decline in quarterly revenue, Apple’s CEO Tim Cook is optimistic about revenue growth bouncing back in the current quarter, indicating potential resilience in the smartphone market.

Irish service sector growth slowed in April, notably in the technology, media & telecoms sector. The AIB S&P Global PMI declined to 53.3 from March’s 56.6, its slowest growth since January, but stayed above 50, suggesting continued expansion for more than three years.


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