Friday Gains Fail To Boost US Markets To Weekly Highs

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Friday Gains Fail To Boost US Markets To Weekly Highs

Friday Gains Fail To Boost US Markets To Weekly Highs

US Stock markets closed out Friday for gains across the board, yet a raft of disappointing data coupled with the potential for a shift to risk-off sentiment scuppered any potential for overall weekly gains.

The Dow Jones Industrial Average closed on Friday at 16,323.06, a 0.36% premium to the day’s open, but a -0.25% decline on the weekly open. Microsoft Corporation (MSFT) led the charge on Friday, closing the day at 40.30, a 2.39% gain, before logging an extra 10% after hours to close the week at 40.34, a -0.47 decline for the week. The daily gains came on expectations of improved sales in the tablet sector and a price cut on the Xbox 1 console, which should see improved turnover in the gaming space.

The NASDAQ 100 followed a similar pattern, closeing the week at 3,571.48, a 0.23% gain during Friday’s trading but an overall discount of -2.47% for the week.

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Biotechnology company Biogen Idec Inc. (BIIB) recorded the day’s biggest losses, closing Friday’s trading at 294.12, a 5.05% decline for the day. This however, is likely to change as the markets open on Monday. Shortly after US close, the FDA announced approval for the company’s hemophilia B therapy ALPROLIX for use in adults and children. A small 0.98% after-hours gain will likely be an indication of further gains as the week matures.

Action in the S&P 500 mirrored that of its major index counterparts, closing Friday at 1,857.62, a 0.46% gain for the day but a 0.75% discount on the week overall.

As far as market movers go on Monday, the much anticipated Chicago PMI release is scheduled for release just ten minutes before Fed Chair Janet Yellen takes to the stage to deliver a monetary policy speech. Consensus forecasts the PMI data at 59.0, a small decline on the previous figure of 59.8, and traders will likely be watching Yellen’s tone closely to compound her hawkish statement early last week.

To contact the reporter of this story: Samuel Rae at samuel@forexminute.com