Investing.com - U.S. stocks rebounded on Friday, almost erasing the week’s losses as hopes for a resolution on an alternative bailout deal for Cyprus bolstered risk appetite.
The Dow Jones industrial average rose 0.63% on Friday to finish the week flat. The S&P 500 was up 0.72% on Friday, paring back its weekly loss to 0.2%. The Nasdaq rose 0.70% on Friday, and ended the week just 0.1% lower.
U.S. markets found support after Greece’s third largest lender Piraeus Bank agreed to acquire the Greek branches of Cyprus's banks to protect them from the crisis in Cyprus.
Meanwhile, political leaders in Cyprus prepared to pass legislation to needed to secure a EUR10 billion euro bailout from the European Union and the International Monetary Fund ahead of a Monday deadline.
A previous agreement that included a levy on deposits in Cypriot banks was rejected by the country's parliament on Tuesday.
In Europe, the benchmark Stoxx Europe 600 was down 0.1% to end the week 1.1% lower. Germany’s DAX ended down 0.27% on Friday and was 1.6% lower for the week. France’s CAC40 slipped 0.12% on Friday to end the week 1.9% lower. The stock market in Cyprus was closed all week.
In Asia, Japan’s Nikkei posted its biggest weekly decline since November, dropping 2.4% on Friday to end the week 1.8% lower after Friday after a speech by new Bank of Japan Governor Haruhiko Kuroda disappointed expectations for indications that more aggressive easing monetary measures were imminent.
Elsewhere, Australia’s S&P/ASX 200 Index dropped 3% this week, the biggest weekly drop since May.
China’s Shanghai Composite Index rose 2.2% after data showed that China’s HSBC manufacturing purchasing managers' index rose to 51.7 in March from 50.4 in February, indicating that the recovery in the world’s second largest economy is still on track. Hong Kong’s Hang Seng Index fell 1.9%.
The Dow Jones industrial average rose 0.63% on Friday to finish the week flat. The S&P 500 was up 0.72% on Friday, paring back its weekly loss to 0.2%. The Nasdaq rose 0.70% on Friday, and ended the week just 0.1% lower.
U.S. markets found support after Greece’s third largest lender Piraeus Bank agreed to acquire the Greek branches of Cyprus's banks to protect them from the crisis in Cyprus.
Meanwhile, political leaders in Cyprus prepared to pass legislation to needed to secure a EUR10 billion euro bailout from the European Union and the International Monetary Fund ahead of a Monday deadline.
A previous agreement that included a levy on deposits in Cypriot banks was rejected by the country's parliament on Tuesday.
In Europe, the benchmark Stoxx Europe 600 was down 0.1% to end the week 1.1% lower. Germany’s DAX ended down 0.27% on Friday and was 1.6% lower for the week. France’s CAC40 slipped 0.12% on Friday to end the week 1.9% lower. The stock market in Cyprus was closed all week.
In Asia, Japan’s Nikkei posted its biggest weekly decline since November, dropping 2.4% on Friday to end the week 1.8% lower after Friday after a speech by new Bank of Japan Governor Haruhiko Kuroda disappointed expectations for indications that more aggressive easing monetary measures were imminent.
Elsewhere, Australia’s S&P/ASX 200 Index dropped 3% this week, the biggest weekly drop since May.
China’s Shanghai Composite Index rose 2.2% after data showed that China’s HSBC manufacturing purchasing managers' index rose to 51.7 in March from 50.4 in February, indicating that the recovery in the world’s second largest economy is still on track. Hong Kong’s Hang Seng Index fell 1.9%.