Dow rallies 300 points to end another wild week on Wall Street; European stocks close higher, ending a volatile week for global equity markets
Stocks rallied on Friday as a rebound in bond yields eased fears of a recession that sent stocks tumbling earlier in the week.
The Dow Jones Industrial Average rose 306.62 points, or 1.2%, to 25,886.01, while the S&P 500 gained 1.4%, or 41.08 points, to 2,888.68 and the Nasdaq Composite was about 1.7% higher at 7,895.99. Apple and Nvidia led the gains. The Dow, however, still lost 1.5% on the week.
Bond yields climbed back from their historic lows on Friday. The U.S. 30-year Treasury yield dropped to a record low on Thursday, while the yield on the benchmark 10-year notes dipped to a three-year low, as investors sought out safe-haven assets.
Chip maker Nvidia’s stock jumped more than 7% on Friday after it reported better-than-expected fiscal-second quarter earnings. Apple shares gained as investors bought back stocks beaten down by trade war fears.
European markets closed sharply higher Friday, as investors tentatively returned to riskier assets after a turbulent week. The pan-European Stoxx 600 index closed provisionally up almost 1.3%, with all sectors and major bourses in positive territory.
Looking at individual stocks, Switzerland’s Sunrise Communications was one European company in focus Friday. Germany’s Freenet said it would vote against a proposed capital increase by the Zurich-based firm to fund a takeover bid for UPC. Shares of Sunrise rose about 3.5%.
ENHL: Energoprojekt 115. on the list of largest design companies
The International Engineering Journal "Engineering News Record" (ENR) has listed Serbian company Energoprojekt in the ranking of the largest international design and consulting companies for 2019.
In this year's ranking of consulting and design companies, Energoprojekt ranked 115th (last year it was ranked 106th) out of 225 ranked companies. ENR ranks companies from the world according to the total revenue they generate in the foreign market. The Serbian company was the only company from Serbia and the region on the list, Energoprojekt announced.
The pipeline pushed the value of June's building permits
In June, 1,875 building permits were issued, with the expected value of works nearly 50 percent higher than in June 2018, according to information released by the National Bureau of Statistics. The increase in the value of works was mostly influenced by the permit issued for the construction of section 1 of the Main Border Pipeline of the Bulgarian-Hungarian border, according to the information. By type of construction, 79 percent of permits were issued for buildings and 21 percent for other buildings, while 65 percent of permits were for residential buildings.
Dinar against the euro 117.77 today
The Serbian dinar's official median exchange rate against the euro zone currency today will be the same as Friday, 117.7720 dinars for one euro, NBS reported. The dinar will stay the same against the euro m-o-m, it will rise 0.2 pct y-o-y and 0.4 pct compared to the beginning of the year. The indicative exchange rate against the dollar has dropped Friday by 0.2 pct at 106.3116 dinars for one dollar. The dinar dropped 1.7 pct against the dollar m-o-m, declining 2.4 pct y-o-y and 2.7 pct since the beginning of the year.