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Dow Posts File Closing Excessive, Shares Up Week three; Greenback goes down

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© Reuters. The Evergrande Center of China Evergrande Group will be on display in Shanghai, China on September 24, 2021. REUTERS / Aly Song

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By Caroline Valetkevitch

NEW YORK (Reuters) – The price hit a record closing high on Friday and major stock indices posted gains for a third straight week while the US dollar slipped.

On that day, MSCI's broadest scale for global stocks was flat and the Nasdaq and Nasdaq closed lower.

Stocks came under pressure after Federal Reserve Chairman Jerome Powell said the Federal Reserve was "on track" to reduce its asset purchases.

Intel's stock (NASDAQ 🙂 fell 11.7% and was among the biggest detractors for the S&P 500. Late Thursday, Intel reported sales that fell short of expectations, pointing to chip shortages that slowed sales of its flagship processors .

American Express Co (NYSE 🙂 stocks rose, rising the Dow after the company beat earnings estimates for the fourth straight quarter.

The next week brings reports from several major mega-cap names, including Amazon (NASDAQ :).

The dollar cut losses after Powell's comments, but it was last down 0.10% to 93.64, down from a year high of 94.56 last week.

"There is some position resolution going on. We have obviously seen the dollar firmer since the September meeting," said Mazen Issa, senior foreign exchange strategist at TD Securities in New York. "That also fits in with the seasonal tendency that the dollar will soften by the end of the month."

Investors also digested the news that the China Evergrande Group appeared to be averting a default, with a source saying it made a last-minute coupon payment on bonds.

The Dow Jones Industrial Average rose 73.94 points, or 0.21%, to 35,677.02, the S&P 500 lost 4.88 points, or 0.11%, to 4,544.9, and that fell 125.50 points, or 0.82 % to 15,090.20.

The pan-European index rose 0.46% and MSCI's global equity index lost 0.03%.

The MSCI index, along with the three major US stock indices, posted gains for the third week in a row.

In the US bond market, longer-term US Treasury bond yields fell.

The yield fell 1.6 basis points to 1.659% after rising to a five-month high of 1.7064% late Thursday.

Oil rose and ended near multi-year highs for the week. Futures rose 92 cents to $ 85.53 a barrel, posting their seventh weekly gain. Futures gained $ 1.26, closed at $ 83.76, and rose for the ninth straight week.

rose 0.6% to $ 1,793.82 an ounce.

In cryptocurrencies, Bitcoin recently fell 2.21% to $ 60,841.96.

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