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14.05.2022 10:20 AM
US stocks soared sharply on Friday, but once again ended the week in the red

US stock indicators reported a steady growth at the close of trading on Friday. The best results were shown by the securities of the technological, oil and gas, as well as consumer services sectors.

As a result, the Dow Jones Industrial Average gained 1.47%, the Standard & Poor's 500 gained 2.39% and the NASDAQ Composite gained 3.82%.

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Despite Friday's strong results, all three leading US stock market indexes closed the outgoing week with spectacular declines. Thus, the DJIA index shows a decline for the seventh consecutive week, and the S&P 500 and NASDAQ Composite - the sixth. At the same time, the S&P 500 index has not recorded such a long series of declines for more than a decade.

And if experts from Deutsche Bank, Germany's largest financial conglomerate, explain the April drop in US stock market indicators by investors' expectations of tightening the monetary policy of the US Federal Reserve and a drop in the price rate of government bonds, then analysts call market concerns about the prospects for global economic growth the main reason for the negative May dynamics.

Rising and Falling Leaders

The main favorites among the components of Dow Jones on the eve were the securities of Nike Inc (+4.74%), Salesforce.com Inc (+4.05%) and American Express Company (+3.58%).

The leading outsiders here were Johnson & Johnson (-0.57%), Amgen Inc (-0.54%) and Merck & Company Inc (-0.46%).

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Las Vegas Sands Corp (+15.06%), Wynn Resorts Limited (+13.17%) and Enphase Energy Inc (+11.96%) led the list of growth among the S&P 500 components following the results of trading on Friday.

The leaders of the decline here were shares of Twitter Inc (-9.67%), DaVita HealthCare Partners Inc (-2.91%) and WestRock Co (-2.63%).

ShiftPixy Inc (+154.87%), Polarityte Inc (+44.51%) and Veru Inc (+43.96%) showed the best results among the NASDAQ Composite components.

Shares of LiqTech International Inc (-45.36%), Brilliant Earth Group Inc (-33.63%) and Tenon Medical Inc (-26.41%) topped the drop list here.

As a result, on the NYSE stock exchange, the number of securities that increased in price (2604) exceeded the number of those that fell in price (640). At the same time, the indicators of 95 shares remained unchanged. On the NASDAQ stock exchange, quotes of 2,983 companies rose, 942 declined, and 169 closed at the level of the previous session.

The CBOE Volatility Index, formed on the basis of options trading indicators on the S&P 500, decreased by 9.13% to 28.87 points.Factors influencing the market

The focus of attention of stock market participants on Friday was the recent statements by Fed Chairman Jerome Powell regarding the further steps of the central bank to increase the base interest rate.

On Thursday, Powell said that the central bank plans to act categorically to return the inflation rate in America to the two percent target. The Fed's decision, Powell said, will not be influenced even by the prospects of a decline in the country's economy in the short term.

Anticipating investors' concerns about the Fed's succeeding decisions, Powell stressed that the central bank is not actively discussing raising the interest rate by 75 basis points at once.

Recall that following the meeting last week, the Fed raised the key rate by 50 basis points, now its range is 0.75–1% per annum. Earlier in March, the US central bank raised the rate by 25 basis points. The last time the central bank raised the rate following the results of two consecutive meetings was back in 2006. At the same time, there has not been an increase in the indicator by 50 basis points at the same time since 2000.

On Friday, it also became known that in the past month, the price indicator for goods and services imported into the United States soared by 12% in annual terms, while in monthly terms the indicator remained at the same level.The export price index rose in April by 0.6% compared to March and by 18% year-on-year.

Irina Maksimova,
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