The Los Angeles Post
U.S. World Business Lifestyle
Today: March 18, 2025
Today: March 18, 2025

Stocks notch strong weekly gain, US yields slip as markets eye Trump policies

Traders work on the floor of the NYSE in New York
November 22, 2024
Chibuike Oguh - Reuters

By Chibuike Oguh

NEW YORK (Reuters) -Global stocks registered a strong weekly gain on Friday while U.S. Treasury yields slipped as markets eyed President-elect Donald Trump's likely policies and their impact on the U.S. economy, even as bitcoin traded near the $100,000 threshold.

Traders are bracing for Trump's agenda after he takes office in January, which is expected to include tariffs, tax cuts and deregulation. Trump has been nominating senior officials in his administration, and markets are awaiting his pick for Treasury secretary.

Stocks notch strong weekly gain, US yields slip as markets eye Trump policies
A passerby walks past an electric monitor displaying recent movements of various stock prices outside a bank in Tokyo

All three Wall Street indexes finished higher and each notched a weekly gain. Industrials, consumer discretionary, financials and consumer staples drove gains while communication services, utilities and technology equities were the biggest losers.

Nvidia, the world's most valuable company, ended down 3.2% after the artificial intelligence chipmaker reported strong quarterly results but issued lacklustre sales forecasts.

The Dow Jones Industrial Average rose 0.97% to 44,296.51, the S&P 500 rose 0.35% to 5,969.34 and the Nasdaq Composite rose 0.16% to 19,003.65.

Europe's Stoxx 600 share index ended the week 1% higher, snapping four straight weeks of losses. MSCI's gauge of stocks across the globe rose 0.33% to 854.22 and gained about 1.4% for the week.

"The earnings of Nvidia were really solid and the market traded off a little bit but I don't think it was a major event that it could have been," said Mark Malek, chief investment officer at SiebertNXT in New York. "So we put that behind us and when we look at what else might be driving the market this week ... People are starting to think about what has happened to the market since Trump was elected and some of the appointments he's been making."

The yield on benchmark U.S. 10-year notes fell 1.4 basis points to 4.418%, as markets reassess future rate cuts from the Federal Reserve given expectations that some of Trump's policies could be inflationary. The market is now pricing in a 53% probability the Fed will cut rates by 25 basis points in December.

Bets that Trump's administration will take a lighter-touch approach to regulation also propelled bitcoin to the brink of $100,000 for the first time. The world's largest cryptocurrency gained 1.33% to $99,384.00. Ethereum declined 1.59% to $3,295.40.

The euro fell to a two-year low while the dollar gained after gauges of business activity were released in each region. A gauge of the U.S. manufacturing sector compiled by S&P Global increased to 55.3 this month, the highest level since April 2022. A similar gauge for the euro zone sank to a 10-month low of 48.1 in November.

The dollar index, which measures the greenback against a basket of currencies, rose 0.43% to 107.52, with the euro down 0.56% at $1.0414 after falling to $1.0333, its lowest since Nov. 30, 2022.

Oil prices climbed about 1%, settling at a two-week high, driven by the intensifying Russia-Ukraine conflict. Brent futures rose 1.3% to settle at $75.17 a barrel. U.S. West Texas Intermediate (WTI) crude rose 1.6% to settle at $71.24.

Gold prices breached the $2,700 threshold for the first time in two weeks, on track for their biggest weekly gain in over a year. Spot gold rose 1.37% to $2,706.39 an ounce. U.S. gold futures settled 1.4% higher at $2,712.20.

(Reporting by Chibuike Oguh in New York; Additional reporting by Ankur Banerjee. Editing by Christina Fincher, Mark Potter and Deepa Babington)

Related Articles

US authorities begin releasing some seized cryptocurrency miners, industry executives say Trump flags crypto reserve, mum on funding Euro firms on Ukraine hopes, Trump knocks Mexican peso and Canadian dollar Argentina meme coin scandal dents Milei's hunt for election allies

Related

Business|Finance|Political|Technology|US

Canary Capital continues flurry of US crypto ETF filings with Sui proposal

Asia|Business|Crime|Political|World

India arrests man accused of running $96 billion crypto exchange at request of US

Business|Economy|Finance|Political|US

US Treasury chief says plan to be put in place on acquiring crypto

Business|Crime|Europe|Political|World

Ex-aide to Georgia's Ivanishvili flees country to escape embezzlement trial

Business|Crime|Economy|Political|US

Trump signs order to establish strategic bitcoin reserve

Economy|Political|Technology|US

Trump creates a Strategic Bitcoin Reserve one day ahead of White House crypto summit

Local

Local|News

Survey reveals Gen Z experiences burnout earlier

Local|Crime|News

LAPD reports drop in homicides, other crimes for 2024

Lifestyle|Local

Holi celebrations in Los Angeles this weekend

Local|Lifestyle|News|WrittenByLAPost

Los Angeles Marathon to take place Sunday

Share This

Popular

Europe|MidEast|Political|US|World

Trump set to speak to Putin as White House looks to close ceasefire deal between Russia and Ukraine

Trump set to speak to Putin as White House looks to close ceasefire deal between Russia and Ukraine
Business|Economy|Europe|Political

Europe's increased defence spending to prop up growth, ECB's Rehn says

Europe's increased defence spending to prop up growth, ECB's Rehn says
Business|Economy|Europe|Finance|Political

Russian finance ministry plans to revive mass privatisation drive

Russian finance ministry plans to revive mass privatisation drive
Europe|Political|US|World

Kremlin says Putin and Trump to speak between 1300 and 1500 GMT about Ukraine and bilateral ties

Kremlin says Putin and Trump to speak between 1300 and 1500 GMT about Ukraine and bilateral ties

Europe

Europe|World

Last surviving pilot from the Battle of Britain, John 'Paddy' Hemingway, dies at age 105

Last surviving pilot from the Battle of Britain, John 'Paddy' Hemingway, dies at age 105
Business|Economy|Europe|Finance|Stock Markets

"Bull crash" drives biggest ever drop in US equity allocation - BofA

"Bull crash" drives biggest ever drop in US equity allocation - BofA
Business|Economy|Europe|Finance

SNB pushes for weaknesses in banks' capital regime to be addressed

SNB pushes for weaknesses in banks' capital regime to be addressed
Crime|Europe|Political|World

Police evict hundreds of migrants who had been squatting in Paris theatre

Police evict hundreds of migrants who had been squatting in Paris theatre

Access this article for free.

Already have an account? Sign In