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US stocks extend Thursday's rally US stocks extend Thursday's rally
(about 7 hours later)
(Open): US stock markets have opened higher, extending the sharp gains made on Thursday. (Close): US stock markets closed more than 2% higher, extending the sharp gains made on Thursday after GDP figures were revised higher.
In early trade, the Dow Jones was up 1% at 16,449.52, with the S&P 500 up 1.2% at 1,964.52 and the Nasdaq up 1.1% at 4,749.11. At the close, the Dow Jones was 366.72 points, or 2.3%, at 16,285.51. with the S&P 500 up 2.43% at 1,987.66 and the Nasdaq up 2.45% at 4,812.71.
That follows a rally on Thursday, when Wall Street saw its biggest one-day gain in almost four years. Second quarter growth figures were revised up from 3.7% from 2.3%.
Figures released on Friday also showed an upward revision to second quarter growth figures, to 3.7% from 2.3%. Oil also rose sharply, with both Brent and US light crude up 10% to $47.56 and $42.76 a barrel respectively.
However, traders said the rally was more to do with comments from Federal Reserve members, William Dudley and Esther George, indicating that a rate rise in September was less likely. Among the top five Dow gainers were Chevron, up by more than 6% and ExxonMobil, up by 3.2%.
Traders said the rally was helped by Fed member comments indicating a September rate rise was less likely.
"Despite the good GDP numbers that we saw today, September largely seems off the table because of the turmoil that we've seen in the past week," said Scott Brown, chief economist at Raymond James."Despite the good GDP numbers that we saw today, September largely seems off the table because of the turmoil that we've seen in the past week," said Scott Brown, chief economist at Raymond James.
In China, where steep share price falls this week sparked a global sell-off, shares managed to rise by 5%.In China, where steep share price falls this week sparked a global sell-off, shares managed to rise by 5%.
In company news, shares in the jewellery firm Tiffany fell more than 3% after it unexpectedly reported a decline in full-year profit. In company news, shares in the jewellery firm Tiffany fell 2% after it unexpectedly reported a decline in full-year profit.