Global stocks edge up on Amazon lift

Published: April 28, 2018 12:33:47 | Updated: May 01, 2018 15:03:31

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A gauge of world stocks rose slightly on Friday, buoyed by gains in Amazon as yields on US Treasuries dipped for a second straight day in the wake of data on the strength of the economy.

US stocks were unable to hold initial gains and ended in mixed. After rising nearly 8.0 per cent, Amazon.com Inc shares pulled back and were last up 4.85 per cent after its quarterly earnings report.

The energy sector, off 1.23 per cent, was weighed down by a 3.49-per cent drop in Exxon Mobil Corp, according to Reuters.

The Dow Jones Industrial Average fell 49.15 points, or 0.2 per cent, to 24,273.19, the S&P 500 gained 0.19 points, or 0.01 per cent, to 2,667.13 and the Nasdaq Composite added 1.29 points, or 0.02 per cent, to 7,119.96.

European shares pulled back from earlier highs but were still on track for their fifth straight weekly climb.

The pan-European FTSEurofirst 300 index rose 0.08 percent and MSCI’s gauge of stocks across the globe gained 0.22 per cent.

Yields on the benchmark 10-year US Treasury yield declined for a second straight day after hitting a four-year high earlier in the week.

Benchmark 10-year notes last rose 9/32 in price to yield 2.9587 per cent, from 2.99 per cent late on Thursday.

The dollar held steady after the GDP data, putting the greenback on track for its best week since November 2016. The solid week has lifted the currency to its highest level since January 11.

The dollar index rose 0.05 per cent, with the euro up 0.07 per cent to $1.2109.

Sterling was last trading at $1.3794, down 0.86 per cent on the day.

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