European markets close higher to cap wild week

Stateside, Federal Reserve Chairman Jerome Powell said the U.S. economy was doing very well, shortly before the release of November employment data.

Stocks traded lower on Friday as shares of major technology companies move lower while Wall Street parsed through the U.S. jobs report that missed expectations.

The Dow Jones Industrial Average fell 200 points, while the S&P 500 dipped 0.7 percent. The Nasdaq Composite dropped 1 percent.

Shares of Facebook, Amazon, Netflix and Google-parent Alphabet all traded lower. Apple’s stock also fell 1.5 percent after Morgan Stanley cut its price target on the tech giant’s shares, citing weakening iPhone sales.

Back in Europe, Germany could be about to find out who is likely to replace Chancellor Angela Merkel as the country’s largest and dominant political party holds a crucial election on Friday.

In October, Merkel announced she would not run for the post and has effectively started to wind down her political career.

Elsewhere, Denmark’s Danske Bank is scheduled to hold an extraordinary general meeting to elect a new chairman and vice chairman Friday afternoon. It comes after the bank’s largest shareholder ousted the head of Dankse Bank’s board this month following a money laundering scandal.

In energy markets, oil prices added to recent losses Friday morning as OPEC delayed a decision over output cuts. The influential cartel and its allied oil-producing nations are set to debate the terms of production cuts in Vienna, Austria on Friday.

Source link Google News

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