Buoyant Wall Street pushes Dow Jones up 377 points

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NEW YORK, New York – U.S. stocks continued to accelerate higher on Friday. The U.S. dollar came off after Thursday’s record 75 basis points interest rate hike by the European Central Bank.

The ECB said it would continue to tighten even though a recession is looming in Europe.

With both the U.S. Federal Reserve and ECB vowing higher interest rates, surprisingly, stock markets around the globe have spent the week notching up solid gains.

The Nasdaq Composite led the charge Friday, surging 250.18 points or 2.11 percent to 12,112.31.

The Dow Jones industrials rose 377.19 points or 1.19 percent to 32,151.71.

The Standard and Poor’s 500 added 61.18 points or 1.53 percent to 4,067.36.

On foreign exchange markets, the euro finished the week comfortably above parity, last trading at 1.0044. The British pound firmed to 1.1588. The Japanese yen was sharply higher at 1.4271. The Swiss Franc strengthened to 0.9608.

The Canadian dollar, bolstered by the Bank of Canada’s sizeable interest rate hike this week, ended at 1.3022. The Australian dollar jumped to 0.6843. The New Zealand dollar was in demand at 0.6106.

“The case for the ongoing bear market is that the Fed will continue to tighten monetary policy, withdraw liquidity from the market and cause a tailspin for equities,” David Donabedian, chief investment officer of CIBC Private Wealth US told CNBC Friday. “But this week’s market recovery has shown there is continued resilience in the economy bolstered by favorable economic reports.”

Overseas, the FTSE 100 in London marked the ascension of King Charles III to the throne with a 1.23 percent rise. The Dax in Germany rose 1.43 percent. The Cac-40 in Paris climbed 1.41 percent.

The Nikkei 225 in Japan rose 149.47 points or 0.53 percent Friday to close at 28,214.75.

The Australian All Ordinaries gained 55.70 points or 0.79 percent to 7,141.00.

In New Zealand, the S&P/NZX 50 advanced 79.84 points or 0.68 percent to 11,757.77.

South Korea’s Kospi Composite added 7.82 points or 0.33 percent to 23,814.28.

The Hang Seng in Hong Kong surged 507.63 points or 2.69 percent to 19,362.25.

In China, the Shanghai Composite increased 26.47 points or 0.82 percent to 3,262.05.