Sat, 23 Sep 2023

NEW YORK, New York - U.S. stocks rebounded on Friday, a day after major across-the-board sell-offs.

"Consensus estimates for 2022 and 2023 remain largely unchanged from the start of the year, even though stock prices have declined considerably since then. Weak guidance could finally force cuts to consensus earnings estimates, which would likely add further downward pressure on stocks," Greg Marcus, managing director, UBS Private Wealth Management told CNBC Friday.

The Dow Jones industrials jumped 321.83 points or 1.05 percent Friday to finish at 31,097.26.

The Nasdaq Composite advanced 99.11 points or 0.90 percent to 11,127.84.

The Standard and Poor's 500 gained 39.95 points or 1.06 percent to 3,825.33.

The U.S. dollar steamed ahead Friday, knocking the euro down to 1.0429 by the New York close. The British pound fell to 1.2098. The Japanese yen was slightly higher at 135.28. The Swiss franc declined to 0.9597.

The Canadian dollar edged up to 1.2890. The Australian dollar, after falling to a low of 0,6763, recovered to 0.6818 by the New York close Friday. The New Zealand dollar clawed back from a 0.6147 low to 0.6209.

Overseas, the FTSE 100 in London was flat, dipping 0.01 percent. The Dax in Germany gained 0.23 percent. In Paris, the CAC 40 was ahead 0.14 percent.

In Japan, the Nikkei 225 declined 457.42 points or 1.73 percent to 25,935.62.

China's Shanghai Composite retreated 10.98 points or 0.32 percent to 3,387.64.

The Australian All Ordinaries gave up 26.10 points or 0.39 percent to close Friday at 6,720.40.

South Korea's Kospi Composite fell 27.22 points or 1.17 percent to 2,305.52.

In New Zealand, the S&P/NZX 50 lost 115.54 points or 1.06 percent to 10,753.16.

The Hang Seng in Hong Kong was closed for the Special Administrative Region foundation Day.

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