Wall Street Ends Week at Record Levels

(MENAFN) The New York Stock Exchange closed the week on a strong upward trend, with the Dow Jones Industrial Average reaching a historic record high. The index advanced by 0.58%, adding 294.04 points to settle at 50,579.70.

Broader markets also moved higher. The S&P 500 climbed 0.37%, gaining 27.75 points to finish at 7,473.47, while the Nasdaq posted a smaller increase of 0.19%, rising 50.87 points to close at 26,343.97.

Market uncertainty eased slightly as the Volatility Index (VIX), commonly known as the market’s “fear index,” slipped 0.36% to 16.7, reflecting calmer investor sentiment.

In political and economic developments, Kevin Warsh, who was nominated by US President Donald Trump for the role of Federal Reserve Chair, officially took the oath of office and started his responsibilities.

During the White House swearing-in ceremony, Trump emphasized his expectation for independence, stating: “I want Kevin to be totally independent, I want them to be independent and just do a great job. Don't look at me, don't look at anybody, just do your own thing and do a great job."

The newly appointed Fed chair, Warsh, also highlighted priorities centered on maintaining price stability and achieving maximum employment.

In bond markets, yields on US Treasuries declined, with the 10-year note falling by around three basis points to 4.56%, and the 30-year bond dropping by five basis points to 5.06%.

Meanwhile, energy markets saw upward movement as Brent crude oil futures, which have been fluctuating within a volatile range, increased by roughly 1% to reach $103.48 as of 2010 GMT.

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