US Stock market Surges as Trade Deal Hopes Rise
Wall Street experienced a strong end too the trading week, wiht all three major US stock indicators posting gains. the Standard & Poor’s 500 and Nasdaq indices reached their highest levels ever on Friday, buoyed by optimism surrounding a potential trade agreement between the United States and the European Union.
Market performance Highlights:
Dow Jones Industrial Average: Rose by 213.7 points, or 0.48%, to close at 44,907.6 points.
Standard & Poor’s 500: Gained 26.7 points, or 0.42%,to finish at 6,390.1 points.
* Nasdaq Composite: Increased by 53.9 points, or 0.26%, reaching 21,111.9 points.
On a weekly basis, the Dow Jones Industrial Average saw a 1.2% increase, the Standard & Poor’s 500 recorded a 1.4% gain, and the Nasdaq advanced by 1% over the week.
Trade Agreement Prospects:
European Union officials and diplomats indicated on Friday that a framework agreement on trade between the bloc and the United States could be reached as early as next week. This progress is anticipated to alleviate months of uncertainty that have impacted European industries. Reports suggest the potential agreement may involve the implementation of a 15% basic customs duty on all European commodities entering the American market, along with fees of up to 50% on steel and aluminum imports.
The upcoming week is expected to see increased efforts to finalize commercial agreements before August. Additionally, the Federal Reserve is scheduled to announce its monetary policy decision, and major companies such as Amazon, Apple, Meta, and Microsoft are slated to release their earnings reports.
In parallel, US President Donald Trump has continued to advocate for lower interest rates from Federal Reserve Chair Jerome Powell. Following a visit to the central bank’s headquarters on Thursday, Trump reiterated his stance, while also asserting that he has no intention of dismissing Powell, despite previous suggestions to the contrary.
