NEW YORK, United States (US): US stocks closed higher on Friday, bolstered by positive developments surrounding US-Iran negotiations and a jump of SpaceX shares in the highly anticipated debut, reported Xinhua.
The Dow Jones Industrial Average rose 353.51 points, or 0.7 per cent, to 51,202.26. The S&P 500 added 37.16 points, or 0.5 per cent, to 7,431.46.
The Nasdaq Composite Index increased by 79.18 points, or 0.31 per cent, to 25,888.84.
Ten of the 11 primary S&P 500 sectors ended in positive territory, led by materials and financials with gains of 1.83 per cent and 1.35 per cent, respectively. Health care was the sole laggard, slipping 0.16 per cent.
Elon Musk’s SpaceX made its highly anticipated public debut on the Nasdaq.
The stock opened at USD150 (approx. RM609) per share, above its initial public offering price of USD135 (approx. RM548), and surged more than 20 per cent shortly after trading began before closing up 19.22 per cent at USD160.95 (approx. RM653.25).
This marked one of the largest initial public offerings in Wall Street history.
Markets welcomed signs that the US and Iran are edging closer to an agreement to reopen the Strait of Hormuz.
Oil prices extended losses, with West Texas Intermediate crude for July delivery falling USD2.83 (approx. RM11.48), or 3.23 per cent, to settle at USD84.88 (approx. RM344.41) per barrel on the New York Mercantile Exchange.
Brent crude for August delivery dropped USD3.05 (approx. RM14.20), or 3.37 per cent, to settle at USD87.33 (RM354.35) per barrel on the London ICE Futures Exchange.
Meanwhile, the University of Michigan reported that US consumer sentiment rebounded from a record low of 44.8 in May to 48.9 at the start of June.
One-year inflation expectations eased to 4.6 per cent, below analyst estimates.
Investors will continue to monitor diplomatic progress in West Asia over the weekend, and upcoming economic indicators for further direction on inflation and monetary policy. – BERNAMA-XINHUA
