The US stock markets showed mixed results on Friday. As trading concluded in New York, the Dow Jones Industrial Average finished lower, dropping 0.2 percent to 49,231 points compared to the previous trading day. However, minutes earlier, the broader S&P 500 had been up 0.8 percent, reaching around 7,165 points, while the technology-heavy Nasdaq 100 index was showing strength, up 2.0 percent, reaching approximately 27,304 points.
In separate political developments, the US Department of Justice has wrapped up its investigation targeting Jerome Powell, the head of the Federal Reserve. This news has cleared a major hurdle for Powell’s likely successor, Kevin Warsh. Powell’s tenure as Fed Chair is set to expire on a scheduled basis on May 15th. Warsh, who is backed by Donald Trump, must still secure confirmations from the Senate Banking Committee and the entire Senate. Adding to the political complexity, Republican Representative Thom Tillis announced that he will only confirm the position within the committee if the Department of Justice definitively drops its investigation into Powell. These investigations had been viewed as an attempt to pressure the central bank, given that the independence of central banks is considered crucial for price stability.
In global markets, the European community currency strengthened on Friday evening; one Euro cost $1.1720, making the dollar available for 0.8532 Euros. Commodities also saw movement. Gold prices managed to benefit, increasing 0.3 percent at the evening session, fetching $4,710 per fine ounce, which translates to 129.21 Euros per gram. The price of oil also rose, with a North Sea Brent crude barrel costing $105.80 against the clock at 10 PM German time. This represented an increase of 0.7 percent, or 68 cents, compared to the close of the prior business day.
