An employee of a bank walks by screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room in Seoul, South Korea, Friday, May 14, 2021. Asian shares rose Friday after Wall Street put the brakes on a three-day losing streak with a broad stock market rally powered by Big Tech companies and banks. (AP Photo/Lee Jin-man)
An employee of a bank walks by screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room in Seoul, South Korea, Friday, May 14, 2021. Asian shares rose Friday after Wall Street put the brakes on a three-day losing streak with a broad stock market rally powered by Big Tech companies and banks. (AP Photo/Lee Jin-man)
An employee of a bank walks by screens showing the foreign exchange rates at the foreign exchange dealing room in Seoul, South Korea, Friday, May 14, 2021. Asian shares rose Friday after Wall Street put the brakes on a three-day losing streak with a broad stock market rally powered by Big Tech companies and banks. (AP Photo/Lee Jin-man)
A currency trader watch computer monitors near the screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room in Seoul, South Korea, Friday, May 14, 2021. Asian shares rose Friday after Wall Street put the brakes on a three-day losing streak with a broad stock market rally powered by Big Tech companies and banks. (AP Photo/Lee Jin-man)BANGKOK (AP) — World shares were mostly higher on Friday after a broad rally led by tech and financial companies snapped a three-day losing streak on Wall Street.
Germany's DAX gained 0.3% to 15,241.57 while the CAC 40 in Paris rose 0.4% to 6,315.27. Britain's FTSE 100 picked up 0.6% to 7,005.56. The future for the S&P 500 gained 0.5% while that for the Dow industrials added 0.3%.
Markets rallied late in the week as prices of key commodities such as copper, zinc and aluminum slipped, alleviating concerns over inflation that had triggered sell-offs.
Shares in big semiconductor manufacturers were among the biggest gainers.
Japan's Nikkei 225 added 2.3% to 28,084.47 and the Kospi in Seoul picked up 1% to 3,153.32, lifted by gains for Samsung Electronics and SK Hynix, which gained 2.3% and 1.3% after announcing plans to expand their investments in chip production and development.
In Hong Kong, the Hang Seng advanced 1.1% to 28,027.57. The Shanghai Composite index gained 1.8% to 3,490.38, while Australia's S&P/ASX 200 was 0.5% higher at 7,014.20.
Shares fell 2.5% in Singapore, which has discovered fresh outbreaks of coronavirus, potentially jeopardizing plans to establish a travel “bubble" with Hong Kong.
Bitcoin added 3.6% to $50,105.00. Its price plunged 10% earlier this week after Tesla CEO Elon Musk reversed his earlier position on the digital currency and said the electric car maker would no longer accept it as payment.
On Thursday, the S&P 500 notched a 1.2% gain, closing at 4,112.50 after clawing back almost half of its loss from a day earlier, when it had its biggest one-day drop since February.
Technology stocks led the gainers after sinking earlier in the week as investors fretted about signs of rising inflation. Apple, Microsoft, Facebook and Google's parent company all rose. Financial companies also did well. JPMorgan Chase, Charles Schwab and Capital One Financial each rose more than 2%.
In a reversal from Wednesday, the energy sector was the only loser in the S&P 500 as oil prices fell sharply as the reopening of the Colonial Oil pipeline after a cyberattack eased concerns about supplies.
The Dow Jones Industrial Average rose 1.3% to 34,021.45. The Nasdaq climbed 0.7% to 13,124.99. The Russell 2000 index picked up 1.7% to 2,170.95.
Investors have been questioning whether rising inflation will be something transitory, as the Federal Reserve has said, or something more durable that the Fed will have to address. The central bank has kept interest rates low to aid the recovery, but concerns are growing that it will have to shift its position if inflation starts running too hot.
Bond yields have risen sharply this week but pulled back slightly on Thursday. The yield on the 10-year Treasury note was 1.65% on Friday, compared with 1.70% on Wednesday.
The price of U.S. crude oil lost 21 cents to $63.61 per barrel in electronic trading on the New York Mercantile Exchange. It fell 3.4% on Thursday after the Colonial gasoline pipeline on the East Coast was reopened late Wednesday.
Brent crude, the international standard for pricing, lost 12 cents to $66.93 per barrel.
The U.S. dollar fell to 109.26 Japanese yen from 109.46 yen late Thursday. The euro climbed to $1.2124 from $1.2081.
Before you consider JPMorgan Chase & Co., you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and JPMorgan Chase & Co. wasn't on the list.
While JPMorgan Chase & Co. currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Click the link below and we'll send you MarketBeat's list of seven stocks and why their long-term outlooks are very promising.
Get This Free Report
