Global stock markets edged higher on Friday as data showing U.S. economic growth accelerated in the first quarter offset corporate earnings disappointments, while the dollar fell against a basket of currencies. The Commerce Department said U.S. gross domestic product increased at a 3.2% annualised rate. The jump in growth was driven by a smaller trade deficit and the largest accumulation of unsold merchandise since 2015, temporary factors that are likely to reverse in the coming quarters.

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The dollar index fell 0.24%. The index, which hit a 23-month high earlier in the session, is up for the week. "Overall, U.S. growth last quarter was outstanding. But the soft inflation components were enough to spur some profit-taking in the buck`s winning week," said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington.

Also limiting gains in stocks were tech shares, with Intel Corp down sharply after it cut its full-year revenue forecast and missed quarterly sales estimate for its key data centre business. Exxon Mobil and Chevron also were lower following results Friday. The Dow Jones Industrial Average rose 17.32 points, or 0.07%, to 26,479.4, the S&P 500 gained 5.22 points, or 0.18%, to 2,931.39 and the Nasdaq Composite added 2.39 points, or 0.03%, to 8,121.07. 

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The Fed next week is expected to reaffirm its patient stance. A Reuters poll of analysts published on Thursday found most believed the Fed was done with tightening altogether.  Benchmark 10-year U.S. Treasury notes were last up 7/32 in price to yield 2.509%, from 2.534% late on Thursday.

Oil prices sank after U.S. President Donald Trump again pressured the Organisation of the Petroleum Exporting Countries to raise crude production to ease gasoline prices. U.S. crude oil futures fell 2.9% to settle at $63.30 a barrel. Brent crude futures settled down nearly 3% at $72.15.