The stock markets in New York closed with significant gains on Friday, ending the last trading day of February on a positive note.
February was a disappointing month for Wall Street, with losses for all three main indexes, partly due to concerns about the import tariffs proposed by US President Donald Trump.
Investors were also paying attention to the visit of Ukrainian President Volodymyr Zelenskyy to Trump at the White House, which ended in a row over the end of the war between Ukraine and Russia, leading to Zelensky’s early departure.
A joint press conference was cancelled, and a deal on resource extraction was not signed, causing brief unrest on Wall Street due to increased geopolitical tensions.
Stock markets gained 1.4% to 1.6% on Friday
The Dow Jones index closed 1.4% higher at 43,840.91 points, while the broader S&P 500 climbed 1.6% to 5954.50 points. The technology-heavy Nasdaq rose 1.6 % to 18,847.28 points, following a 2.8% drop the previous day.
The Dow and the S&P both suffered monthly losses of around 1.5%, while the Nasdaq recorded a decline of nearly 4% for February.
Attention was also focused on an inflation figure that the Federal Reserve uses as its main benchmark, which met expectations.
Inflation plays a crucial role in the Fed’s interest rate policy. Last month, the central bank kept rates unchanged, and Fed Chairman Jerome Powell has repeatedly stated he is in no hurry to cut rates further.
Dell, HP among the losers
Among companies, computer makers Dell and HP were among the losers due to disappointing expectations on earnings. The Dell fell 4.7 %, while HP lost nearly 7% in market value and announced plans to cut up to 2,000 additional jobs to save costs.
In contrast, AI chip manufacturer Nvidia gained nearly 4%. On Thursday, Nvidia shares had plunged more than 8% following quarterly results and investor concerns over declining profit margins.
The euro was valued at $1.0374 on Friday, down from $1.0407 in Europe.
The price of a barrel of US oil decreased by 0.8% to $69.76, while Brent oil fell 1.2% to $73.18 per barrel.
