U.S. stocks make cross-the-board gains, greenback dives

NEW YORK, New York, Aug. 28 (Xinhua/Big News Network) -- U.S. stocks finished higher on Friday as investors pored through newly-released economic data. The U.S. dollar however was sold off sharply.

The Dow Jones Industrial Average rose 161.60 points, or 0.57 percent, to close at 28,653.87, after hitting and intraday high of 28,733.30.

The Standard and Poor's 500 increased 23.46 points, or 0.67 percent, to 3,508.01.

The Nasdaq Composite Index climbed 70.30 points, or 0.60 percent, to 11,695.63.

All the 11 primary S&P 500 sectors advanced, with energy and materials up 1.85 percent and 1.1 percent, respectively, leading the gains.

Meanwhile, U.S.-listed Chinese companies traded mostly higher, with nine of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on an upbeat note.

U.S. personal consumption expenditures rose 1.9 percent in July and personal income increased 0.4 percent, the U.S. Bureau of Economic Analysis reported on Friday.

"The consumer recovery continued in July, with solid growth in both income and spending," Chris Low, chief economist at FHN Financial, said in a note, adding "compensation was significantly higher than the February low, but still has about 5 percent to go before it fully recovers."

Wall Street continued to digest the U.S. Federal Reserve's new policy strategy on inflation.

Fed Chairman Jerome Powell announced on Thursday that the central bank will seek to achieve inflation that averages 2 percent over time, a new strategy for carrying out monetary policy to help fight the COVID-19 pandemic and boost economic recovery.

The U.S. dollar rout meantime continued. The Australian dollar rose sharply to 0.7365 by the U.S. close. The euro hurdled the 1.1900 mantle to finish the day and week around 1.1903, after hitting a daily high of 1.1920. The British pound soared to 1.3350. The Japanese yen strengthened to 105.30. The Swiss franc firmed to 0.9043.

The Canadian dollar rose to 1.3100. The New Zealand dollar jumped to 0.6742.

Overseas equity markets closed mostly lower.

In London the FTSE 100 dropped 0.61%. The German Dax was down 0.48%. In Paris, the CACX 40 weakened by 0.26%.

On Asian markets , in Tokyo, the Nikkei 225 was behind 326.21 points or 1.41% at 22,882.65.

The Shanghai Composite in China gained 53.69 points or 1.60% to 3,403.81.

The Australian All Ordinaries fell 49.80 points or 0.79% to 6,260.80.

Share article: