Wall Street stocks rose sharply over the week and oil prices fell as a fragile truce was struck between the United States and Iran, with ceasefire talks due to start in Islamabad on Saturday.<\/p>\n
For the week, all three major US indices advanced by more than three percent. Oil prices retreated once again on Friday. For the week, they tumbled by approximately 13 percent.<\/p>\n
The New York Stock Exchange closed mixed for the day Friday — the Dow Jones shed 0.6 percent, the Nasdaq gained 0.4 percent, and the broader S&P 500 index was flat, slipping 0.1 percent.<\/p>\n
“Markets are trading on a cautious tone ahead of the US-Iran ceasefire talks,” Elias Haddad of Brown Brothers Harriman (BBH) said in a note.<\/p>\n
“For financial markets, the key issue is whether peak shipping security fear is now behind us.”<\/p>\n
Official sources say the talks in Islamabad will cover Iran’s nuclear enrichment and the free flow of oil through the Strait of Hormuz.<\/p>\n
Since the ceasefire took effect, US President Donald Trump has voiced displeasure at Iran’s handling of the strategic strait, which was meant to be reopened.<\/p>\n
“The key issue for the oil market is whether ship traffic through the Strait of Hormuz will resume,” Carsten Fritsch of Commerzbank said in a note. “So far, there are no signs of this happening.”<\/p>\n
Inflation in the United States rose sharply in March, government data showed Friday, as higher energy prices due to the war hit Americans hard. Prices rose 3.3 percent from a year earlier.<\/p>\n
White House spokesperson Kush Desai responded by saying the US economy “remains on a solid trajectory.”\u00a0<\/p>\n
In Europe, London and Frankfurt closed virtually flat as Paris added 0.2 percent.\u00a0<\/p>\n
– Key figures at around 2015 GMT –<\/p>\n
New York – Dow Jones: DOWN 0.6 percent at 47,916.57 (close)<\/p>\n
New York – S&P 500: DOWN 0.1 percent at 6,816.89 (close)<\/p>\n
New York – Nasdaq Composite: UP 0.4 percent at 22,902.90 (close)<\/p>\n
London – FTSE 100: DOWN 0.1 percent at 10,603.48 (close)<\/p>\n
Paris – CAC 40: DOWN 0.2\u00a0percent\u00a0at 8,245.80 (close)<\/p>\n
Frankfurt – DAX: DOWN 1.1 percent at 23,806.99 (close)<\/p>\n
Tokyo – Nikkei 225: DOWN 0.7 percent at 55,895.32 (close)<\/p>\n
Hong Kong – Hang Seng Index: DOWN 0.5 percent at 25,752.40 (close)<\/p>\n
Shanghai – Composite: DOWN 0.7 percent at 3,966.17 (close)<\/p>\n
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