The markets were pulled down in the opening trade as auto and bank stocks performed worst amid mixed global cues. Even Asian stocks had a mixed opening on Friday, trading session as investors are anticipating data showing recovery in China’s economy after being battered by Covid-19 outbreak.
Japan’s Topix index slipped 0.35 per cent, Hong Kong’s Hang Seng was down 0.1 per cent while South Korea’s Kospi index and Singapore's SGX Nifty remain unchanged. Australia’s S&P/ASX 200 Index soared 0.5 per cent, the Shanghai Composite rose.
Brent crude was up 1 cent at $31.13 a barrel by 0115 GMT, after soaring nearly 7 per cent on Thursday. The global benchmark is roughly flat on the week after rising for the previous two weeks. Paring earlier gains West Texas Intermediate (WTI) oil was down 13 cents, or 0.5 per cent, at $27.43 a barrel. WTI is still heading for a third weekly gain, up more than 10 per cent.
Meanwhile, the US stocks closed higher aided by gains in financials sector.
On Thursday, the Dow Jones Industrial Average soared 377.37 points, or 1.62 per cent, to 23,625.34. The 30-stock index fell more than 400 points earlier in the session, Xinhua news agency reported.
The S&P 500 rose 32.50 points, or 1.15 per cent, to end at 2,852.50. The Nasdaq Composite Index was up 80.55 points, or 0.91 per cent, to 8,943.72.
Shares of American Express also saw a jump of 7.41 per cent, leading the gainers in the Dow. Shares of JPMorgan Chase and Goldman Sachs advanced 4.15 per cent and 1.54 per cent, respectively, also contributing to the market.
Around 10 of the 11 primary S&P 500 sectors ended higher, with financials up 2.64 per cent, outpacing the reset. Consumer staples decreased 0.31 per cent, the only declining group. On the data front, US initial jobless claims touched 2.981 million in the week ending May 9, the Department of Labor reported on Thursday against 3.176 million in the previous week.
The gloomy report on jobless claims came after US Federal Reserve Chairman Jerome Powell's muted comments on the economy.
Powell stated that coronavirus crisis raises "long-term concerns," hinting at a prolonged recession and weak recovery leading to an extended period of low productivity growth and stagnant incomes.
In the US more than 1.4 million confirmed Covid-19 cases have been reported, with over 85,000 deaths, according to the Center for Systems Science and Engineering at Johns Hopkins University.
(With inputs from IANS)