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The U.S. stock market ended a turbulent week punctuated with collapse of the ruble, gyrations in the oil prices and the Federal Reserve’s policy meeting, with the biggest weekly gain since October.
The S&P 500 SPX, +0.46% ended the day up 9.42 points, or 0.5%, at 2,070.65 and gained 3.4% over the past week. Energy and materials sectors were leading the gains on Friday and throughout the week, as investors were betting that the bottom in oil prices might be in sight. Energy sector stocks in particular jumped nearly 10% over the past week, while materials gained 5%.
The ICE U.S. dollar index finished the week Friday at its highest level since March 2006 as investors pushed the dollar higher against the euro, yen and pound after Federal Reserve Chairwoman Janet Yellen hinted Wednesday that the central bank would begin raising rates around the middle of 2015.
The dollar USDJPY, +0.00% traded at 119.21 yen, compared with ¥118.94 Thursday.
The euro fell against the dollar after a gauge of Germany’s business activity in December improved from the prior month, but remained weak compared with recent U.S. data.
It EURUSD, +0.00% traded at $1.22, compared with $1.23 Thursday.
The pound GBPUSD, +0.00% traded at $1.56, compared with $1.57 Thursday.
The dollar traded lower against the ruble RUBUSD, +0.00% for the third straight day, trading at 58.87, compared with 61.07 Thursday, as Russia attempts to stabilize the volatile currency.
January platinum PLF5, -0.03% dipped by a dime to settle at $1,197.00 an ounce, while March palladium PAH5, +1.70% gained $12.95 to end at $805.10 an ounce. High-grade copper for March delivery HGH5, +1.54% tacked on 3 cents to settle at $2.88 a pound.
Natural gas for January delivery NGF15, -5.38% fell 18 cents, or 4.9%, to settle at $3.4640 per million British thermal units. Friday’s settlement was the lowest since Nov. 4, 2013.
Gasoline for January RBF5, +3.26% rose 3 cents, or 2.1%, to settle at $1.5595 a gallon on Nymex. January heating oil HOF5, +1.89% added 2.5 cents, or 1.2%, to end at $1.9622 a gallon on Nymex.
