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  3. US markets end higher on Friday

US markets end higher on Friday

22 Apr 2023 Evaluate

The US markets ended higher on Friday as S&P Global released data indicating a faster rise in business activity at U.S.-based firms on the month of April. The headline S&P Global Flash U.S. PMI Composite Output Index climbed to 53.5 in April from 52.3 in March, signaling the quickest upturn in business activity since May 2022. Street had expected the index to inch up to 52.8. The report also said the Flash U.S. Services Business Activity also rose to a twelve-month high of 53.7 in April from 52.6 in March, while the Flash U.S. Manufacturing PMI crept up to 50.4 from 49.2, signaling the first improvement in operating conditions at goods producers in six months. However, traders seemed reluctant to make significant moves as they looked for additional clarity about the outlook for the markets following the volatility seen in recent session.

Traders have been looking ahead to several key economic reports due be released next week, including the Commerce Department's report on personal income and spending. The report includes a reading on inflation said to be preferred by the Federal Reserve and could impact the outlook for interest rates ahead of the next Fed meeting the following week. On the sectoral front, Pharmaceutical stocks showed a strong move to the upside on the day, driving the NYSE Arca Pharmaceutical Index up by 1.4 percent to a record closing high. Notable strength was also visible among retail stocks, as reflected by the 1.3 percent gain posted by the Dow Jones U.S. Retail Index. On the other hand, steel stocks moved sharply lower over the course of the session, dragging the NYSE Arca Steel Index down by 2.4 percent.

Dow Jones Industrial Average rose 22.34 points or 0.07 percent to 33,808.96, Nasdaq gained 12.9 points or 0.11percent to 12,072.46 and S&P 500 was up by 3.73 points or 0.09 percent to 4,133.52.

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