US Stocks End Volatile Week On Positive Note

Wall Street stocks rose on Friday to finish a volatile week on a positive note following strong new home sales data.

New home sales surged 20.7 percent in March, pushing the annualised sales rate to a 15-year high and more than recovering from cooling caused by winter storms in February.

The strong data helped the market shrug off weakness seen elsewhere much of the week, especially on Thursday when stocks fell sharply following reports the Biden administration is preparing a capital gains tax hike.

The Dow Jones finished up 0.7 percent at 34,043.

The S&P 500 advanced 1.1 percent to 4,180, while the Nasdaq Composite Index jumped 1.4 percent to 14,016.

Stocks still finished the week modestly in the red, but Friday's gains cut into the losses.

Analysts have pointed to concerns over lofty equity valuations and rising coronavirus cases in India, Japan and other countries.

Among individual companies, Dow member Intel slumped 5.3 percent despite reporting better-than-expected results. Analysts pointed to disappointment over the chipmaker's forecast.

American Express fell 1.9 percent despite better-than-expected earnings. Analysts said the drop in shares reflects disappointment at the weakness tied to business travel and some other areas of consumption that remain sluggish. (AFP)