Business

US stocks recover from four-day slide

  • 27 March 2015
  • From the section Business

(Close): Stocks on Wall Street rose on Friday, ending the week on a high after four days of losses.

Shares had fallen due to fears that the strong US dollar would impact multinational firms' profits, and due to geopolitical instabilities.

The Dow Jones closed up 34 points, or 0.2%, at 17,712.66, while the broader S&P 500 edged up 5 points, or 0.2% to 2,061.02.

The tech-heavy Nasdaq rose 28 points, or 0.6%, to close at at 4,891.22.

Earlier on Friday, the Commerce Department said US gross domestic product expanded at a 2.2% annual rate in the last three months of 2014, confirming prior estimates.

The US economy grew at a 5% rate in the third quarter.

Meanwhile, at a speech in San Francisco, the head of the Federal Reserve, Janet Yellen, said the central bank might raise interest rates "sometime this year".

But she stressed that any rises would happen gradually.

The Fed modified its stance on interest rates earlier this month, and analysts expect a rate rise towards the end of the year.

Among individual stocks, shares in cruise operator Carnival rose more than 6% after it reported a better-than-expected quarterly profit.

The company posted a net profit of $49m for the quarter to 28 February, compared with a loss of $20m a year earlier.

The dollar fell by 0.3% against the euro, making $1 worth €0.9173.