US stocks surged on Friday, extending gains on bets that President-elect Donald Trump, on his return to the White House, will enact an agenda in favour of lower taxes and less regulation.
The S&P 500 finished up 0.4 per cent for the day and hit its 50th record this year amid a weekly gain of 4.7 per cent. The S&P 500 also briefly topped the 6,000-mark on Friday.
A major rally in Elon Musk’s electric-vehicle maker Tesla hauled the company up into the much-coveted trillion-dollar mark. Tesla's stock surged 8 per cent on Friday and gained about 29 per cent during the week amid investor optimism that Mr Trump's return to the White House will benefit the company.
The Dow Jones Industrial Average increased 0.6 per cent, while the tech-focused Nasdaq Composite Index gained 0.1 per cent.
“Remember back in the first Trump Presidency, when folk were buying baseball caps for every round number milestone that the Dow hit? Well, I suppose it’s time that we all went and bought a new hat, engraved with ‘Spoos 6,000’ – as that was the milestone that was breached yesterday, with the front S&P 500 future trading north of that figure for the first time ever,” Michael Brown, Senior Research Strategist at Pepperstone, said.
“I can’t say that there was a particular catalyst for the move, which seemed more to be a continuation of the initial post-election equity gains than anything else, with the Nasdaq and Dow also notching fresh records as the day went on.”
Meanwhile in Europe, the indexes mostly retreated to close out a losing week as investors weighed the impact of Donald Trump's presidential election win.
London's FTSE 100 was down 0.8 per cent at the market close on Friday.
In other major European indices, Paris' CAC 40 declined 1.2 per cent as the bourse was hit by falling luxury shares and Frankfurt's DAX also dropped 0.8 per cent at the close as investors digested the collapse of the German government coalition.
In Asia, Tokyo's Nikkei 225 was up 0.3 per cent.
Hong Kong's Hang Seng was down 1.1 per cent, while the Shanghai Composite declined 0.5 per cent
In commodities, Brent, the benchmark for two thirds of the world's oil, was trading 2.33 per cent lower at $73.87 a barrel at the market close. West Texas Intermediate, the gauge that tracks US crude, closed down by 2.74 per cent to $70.38 a barrel.
Spot gold, meanwhile, fell 0.8 per cent to $2,685.34 an ounce.
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
COMPANY%20PROFILE
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COMPANY%20PROFILE%20
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Company%20Profile
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Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Drishyam 2
Directed by: Jeethu Joseph
Starring: Mohanlal, Meena, Ansiba, Murali Gopy
Rating: 4 stars
Second ODI
England 322-7 (50 ovs)
India 236 (50 ovs)
England win by 86 runs
Next match: Tuesday, July 17, Headingley
Company%20profile
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Killing of Qassem Suleimani
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company%20Profile
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Napoleon
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Company Profile
Company name: NutriCal
Started: 2019
Founder: Soniya Ashar
Based: Dubai
Industry: Food Technology
Initial investment: Self-funded undisclosed amount
Future plan: Looking to raise fresh capital and expand in Saudi Arabia
Total Clients: Over 50
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
The specs
Price: From Dh180,000 (estimate)
Engine: 2.0-litre turbocharged and supercharged in-line four-cylinder
Transmission: Eight-speed automatic
Power: 320hp @ 5,700rpm
Torque: 400Nm @ 2,200rpm
Fuel economy, combined: 9.7L / 100km
Specs%3A%202024%20McLaren%20Artura%20Spider
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
A list of the animal rescue organisations in the UAE
Copa del Rey
Barcelona v Real Madrid
Semi-final, first leg
Wednesday (midnight UAE)
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UAE%20Warriors%2045%20Results
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Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
The%20new%20Turing%20Test
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Checks continue
A High Court judge issued an interim order on Friday suspending a decision by Agriculture Minister Edwin Poots to direct a stop to Brexit agri-food checks at Northern Ireland ports.
Mr Justice Colton said he was making the temporary direction until a judicial review of the minister's unilateral action this week to order a halt to port checks that are required under the Northern Ireland Protocol.
Civil servants have yet to implement the instruction, pending legal clarity on their obligations, and checks are continuing.
More from Rashmee Roshan Lall
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)