Investing.com - U.S. stocks rebounded on Friday, as upbeat data on U.S. manufacturing and consumer confidence offset weak data out of the euro zone and China and concerns over U.S. spending cuts.
The Dow Jones industrial average was up 0.3% on Friday to finish the week with a 0.6% gain. The S&P 500 rose 0.2% on Friday, to end the week 0.3% higher. The Nasdaq rose 0.3%, advancing 0.3% for the week.
Data on Friday showed that the U.S. manufacturing sector expanded at its fastest pace since June 2011 last month, while a separate report showed that U.S. consumer confidence rose in February.
The Institute for Supply Management said its manufacturing purchasing managers’ index rose to 54.2 from 53.1 in January, while the final reading of the University of Michigan’s consumer sentiment index came in at 77.6, from a preliminary reading of 76.3.
Meanwhile, in the euro zone revised data showed that manufacturing activity in the region contracted in February at the same pace as in January, with the manufacturing PMI unchanged at 47.8.
A separate report showed that the unemployment rate in the bloc rose to a record 11.9% in January.
The benchmark Stoxx Europe 600 fell 0.3% on Friday, but still ended the week 0.2% higher. Italy’s FTSE MIB index fell 1.5% Friday amid concerns that that the country would not be able to continue to implement structural reforms and austerity measures following inconclusive election results.
In Asia, markets were broadly lower after official data showed that China’s manufacturing PMI dipped to 50.1 from 50.4 in January, sparking fears that the country’s recovery could be losing momentum.
China's Shanghai Composite Index was down 0.3% on Friday, but still gained 2% on the week. Hong Kong's Hang Seng Index was down 0.6% Friday, trimming the week’s gains to 0.4%. Australia's S&P/ASX 200 slid 0.4% on Friday, but ended 1.4% higher for the week.
In contrast, Japan's Nikkei Stock Average was up 0.4% on Friday and was 1.9% higher on the week as the weaker yen boosted sentiment.
The Dow Jones industrial average was up 0.3% on Friday to finish the week with a 0.6% gain. The S&P 500 rose 0.2% on Friday, to end the week 0.3% higher. The Nasdaq rose 0.3%, advancing 0.3% for the week.
Data on Friday showed that the U.S. manufacturing sector expanded at its fastest pace since June 2011 last month, while a separate report showed that U.S. consumer confidence rose in February.
The Institute for Supply Management said its manufacturing purchasing managers’ index rose to 54.2 from 53.1 in January, while the final reading of the University of Michigan’s consumer sentiment index came in at 77.6, from a preliminary reading of 76.3.
Meanwhile, in the euro zone revised data showed that manufacturing activity in the region contracted in February at the same pace as in January, with the manufacturing PMI unchanged at 47.8.
A separate report showed that the unemployment rate in the bloc rose to a record 11.9% in January.
The benchmark Stoxx Europe 600 fell 0.3% on Friday, but still ended the week 0.2% higher. Italy’s FTSE MIB index fell 1.5% Friday amid concerns that that the country would not be able to continue to implement structural reforms and austerity measures following inconclusive election results.
In Asia, markets were broadly lower after official data showed that China’s manufacturing PMI dipped to 50.1 from 50.4 in January, sparking fears that the country’s recovery could be losing momentum.
China's Shanghai Composite Index was down 0.3% on Friday, but still gained 2% on the week. Hong Kong's Hang Seng Index was down 0.6% Friday, trimming the week’s gains to 0.4%. Australia's S&P/ASX 200 slid 0.4% on Friday, but ended 1.4% higher for the week.
In contrast, Japan's Nikkei Stock Average was up 0.4% on Friday and was 1.9% higher on the week as the weaker yen boosted sentiment.