Global markets end week near flat; dollar, US yields slide

World stocks ended the week nearly flat on Friday while the US dollar weakened and Treasury yields pulled back after a top Federal Reserve official said US interest rates were near a neutral rate.

Uncertainty over Britain’s exit from the European Union clouded currency and other markets and the oil prices climbed for a third day in a volatile session as it clawed back from steep recent losses.

On Wall Street, the Dow Jones Industrial Average rose 105.94 points, or 0.42 per cent, to 25,395.21, the S&P 500 gained 3.52 points, or 0.13 per cent, to 2,733.72.

However, the Nasdaq Composite dropped 28.12 points, or 0.39 per cent, to 7,230.92, reports Reuters.

MSCI’s gauge of stocks across the globe gained 0.29 per cent.

The pan-European STOXX 600 index lost 0.20 per cent, as traders waited on more clarity involving Britain’s exit from the EU, known as Brexit.

British Prime Minister Theresa May won the backing of the most prominent Brexiteer in her government as she fought to save a draft EU divorce deal that has stirred up a plot to force her out of her job.

After tumbling a day earlier, sterling was last trading at $1.2825, up 0.40 per cent, while the euro was up 0.74 per cent to $1.141.

The dollar index, which measures the greenback against a basket of currencies, fell 0.49 per cent.

Benchmark 10-year notes last rose 11/32 in price to yield 3.0774 per cent, from 3.118 per cent late on Thursday.

Oil traded up in a volatile session, supported by expectations the OPEC would agree to cut output next month, though prices were set for a weekly drop on underlying oversupply worries.

US crude rose 0.48 per cent to $56.73 per barrel and Brent was last at $67.00, up 0.57 per cent on the day.