U.S. stocks ended Friday’s choppy session fractionally higher with the main indexes recording weekly gains. The S&P closed 2 points higher at 2,123, a fresh record. The Dow added 20, to 18,273 and the Nasdaq ended the session down 3 at 5,048.
For years, the U.S. has alleged that China gives its companies an unfair competitive advantage by keeping the value of its currency below a level suggested by market fundamentals. Now, after a decade in which the yuan has been allowed to appreciate by more than 30% against a basket of currencies, the International Monetary Fund is close to declaring China’s currency fairly valued-although, in its typically cautious style, the fund is unlikely to use the term “fairly valued” in its official statements.
Mortgage lenders are benefiting from a rise in home buyer confidence. Whether that continues may depend on how well younger and lower income Americans fare in coming months.
Listen in for much more in this segment of the Wall Street Wrap-up.
