U.S. markets settled higher on Friday as investors tried to find their footing following a steep sell-off driven by rising Treasury yields. However, buying interest appeared somewhat subdued amid lingering concerns about the ongoing conflict in the Middle East. The Trump administration’s plan to shift toward crushing economic measures against Iran versus further major US military operations has led to worries that the crisis could drag on. Traders also remained on sidelines ahead of key events next week, including the release of Nvidia’s quarterly results and the Jackson Hole economic symposium. On the sectoral front, substantial strength was visible among Brokerage stocks, driving the NYSE Arca Broker/Dealer Index up by 3.7% to a record closing high. A sharp increase in the price of gold also contributed to significant strength among gold stocks, with the NYSE Arca Gold Bugs Index surging by 2.5% to its highest closing level in four months. Airline, healthcare, and pharmaceutical stocks also saw considerable strength,whereas utility shares experienceda notable move to the downside.
Nasdaq increased 113.28 points or 0.44 percent to 26,180.45, S&P 500 rose 33.21 points or 0.43 percent to 7,674.37 and Dow Jones Industrial Average was up by 517.8 points or 0.98 percent to 53,277.01.
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