Stocks in the United States settled higher last Thursday driven by the boost in financials. Global investors are currently focused on rising oil prices and endured main economic figures.
Energy stocks are one of the leading contributors to the highs by gaining 0.4 percent due to the continuous hike of oil prices. Crude edged higher by 1.7 percent to end at $50.35 a barrel, constructing on gains last Wednesday.
The S&P 500 added 0.3 percent after a growth from the financial sector more than 1 percent. This further lifted the bank stocks as well with the Regional Banking ETF (KRE) and the SPDR S&P Bank ETF gaining a 2.5 percent rise. UnitedHealth and Goldman Sachs drove the Dow Jones industrial average to advance about 70 points at its close. Meanwhile the Nasdaq composite gained 0.3 percent.
The economy of the United States surprisingly grew at a rate of 2.1 percent before 2016 ends. In addition to the countries growth, their unemployment rate dropped by 3,000 to 258,000. The U.S. Treasury rose by 2.42 percent, yields have retreated from this year’s highs later when the Federal Reserve started an interest rate hike earlier this March.
Robert Kaplan, Federal Reserve President in Dallas, predicts a growth of 2.25 percent in GDP this 2017; however he added that China’s stagnant economy will make the world more fragile to economic fluctuation. Fed President in New York William Dudley is set to speak on Thursday after the closing bell.
This Friday marks the last day of the first quarter and in total: The S&P 500 rose 5.46 percent, the Dow Jones added 4.54 percent and the Nasdaq composite with the highest growth at 9.56 percent.