Wall Street set to end the week on a high note with Bank
Major equity indexes in the U.S. started the day on a positive note and extended their upside during the day led by gains seen in technology and financial shares.
The S&P 500 Financials Sector (SPSY), which closed the previous session with losses after the U.S. President Donald Trump in an interview said that the USD was going to get 'stronger and stronger,' reversed its course on Friday as the US Dollar Index erased yesterday's gains and was up 0.4% at the time of writing. Moreover, although today's Q4 (YoY) GDP reading missed the market expectation of 3% as it came unchanged at 2.6%, the data didn't indicate that the economy lost any momentum.
Commenting on today's data, “the Q4 print showed that domestic demand is strong – really strong – and perhaps beginning to push against the capacity constraints of the economy,” market economists at BNP Paribas told Reuters.
Meanwhile, boosted by Intel's upbeat earnings figures, which was released yesterday after the closing bell, the S&P 500 Information Technology Sector (SPLRCT) gained traction on Friday and advanced more than 1%. Into the last hours of the week, the tech-heavy Nasdaq Composite Index was adding 64 points, or nearly 0.9%, to 7,475.08.