Stocks wobble after busy week for central banks
Timilehin Adejumobi
1 min read
World stock markets mostly rose Friday and currencies gyrated as investors digested diverging interest rate decisions by central banks on three continents this week.
In Europe, equities climbed with Frankfurt striking a new record after an upbeat session in Asia, which was lifted by hopes China will unveil fresh measures to kickstart growth.
Wall Street stocks rose at the start of trading but gave up those gains as European markets closed.
The broad-based S&P 500 finished at 4,409.59, down 0.4 percent for the day but up 2.6 percent for the week. Analysts said markets in New York were due for a pullback following a strong stretch.
“After a really strong week… it’s not unusual to see some mean reversion,” said Art Hogan, an analyst at B. Riley Financial.
The euro hit a one-month peak at $1.0973, one day after the European Central Bank hiked interest rates to a 22-year high and warned another hike in July was very likely to tackle high inflation. It later fell back against the dollar.
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