Economy9 hours ago (May 13, 2022 07: 12PM ET)
(c) Reuters. FILE PHOTO: A man holding an umbrella looks at an electronic stock quotation board outside a brokerage in Tokyo April 7, 2015. REUTERS/Issei Kato
By Elizabeth Dilts Marshall
NEW YORK – Global shares rose Friday after Wall Street rallied, and oil jumped 4% in response to record-high U.S. gasoline prices.
U.S. stocks and markets were both down sharply during this week, as investors became more concerned about the possibility of a recession. The is off nearly 20% from its all-time high in January and was close to a bear market on Thursday.
Investors’ concerns over whether U.S. Federal Reserve Chairman Jerome Powell can achieve a “soft landing” – bringing down inflation while still maintaining a growing economy – seemed to have eased at least temporarily on Friday.
MSCI’s gauge for stocks around the world gained 2. 30% at 4: 07 p.m. ET (2007 GMT), after hitting its lowest since November 2020 on Thursday. The pan-European index rose 2.14%.
According to preliminary data, the S&P 500 gained 94. 57 points, or 2. 41%, to end at 4,024. 65 points, while the gained 436. 61 points, or 3. 84%, to 11,807.57. The rose 466. 43 points, or 1. 47%, to 32,196.73.
Despite Friday’s gains, the S&P 500 and the Nasdaq posted their sixth consecutive weekly loss, and the Dow notched its seventh consecutive weekly dip.
Emerging market stocks rose 1.83%. The MSCI’s broadest index of Asia-Pacific shares outside Japan rose 2. 01% from Thursday’s 22-month closing low. rose 2.64%.
” Stocks were ready for rebound as some investors still believe the Fed will deliver soft landings, while others are willing to buy the dip,” Edward Moya, an analyst at OANDA, said.
Cryptocurrencies steadied on Friday, with bitcoin recovering from a 16-month low after a volatile week dominated by the collapse in value of TerraUSD, a so-called stablecoin.
, the largest cryptocurrency by market value, rose 3.5% to $29,884, rebounding from a December 2020 low of $25,400 hit on Thursday. Bitcoin remains far below week-earlier levels of around $40,000 and is on track for a record seventh consecutive weekly loss.
Oil prices rose 4% due to record-breaking gasoline prices in the United States and China’s willingness to relax pandemic restrictions.
futures rose by $4. 10, or 3.8%, to settle at $111. 55 a barrel. U.S. West Texas Intermediate crude oil rose $4. 36, or 4.1%, to settle at $110.49.
GRAPHIC: S&P 500 set for a sixth straight week of falls (https://fingfx.thomsonreuters.com/gfx/mkt/zdpxoglxgvx/stx1305.PNG)
Markets are likely to experience a short-term rebound before resuming the sell-off which has sent Wall Street’s Nasdaq tech index down over 25% since the beginning of the year, BofA analysts wrote in