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US Stocks Slightly Up on Wall Street as Volatile Week Nears End

US stock indices gained marginally on Friday, bringing some relief to investors after a tumultuous week marked by concerns about the US economy slipping into recession. The Dow Jones Industrial Average rose 35.77 points, or 0.09 per cent, to 39,482.26, the S&P 500 gained 12.41 points, or 0.23 per cent, to 5,331.72, and the Nasdaq Composite gained 27.66 points, or 0.17 per cent, to 16,687.68 at 11:25 a.m. ET.

This week saw a rout in stock markets as fears of a recession loomed large. A slew of weaker-than-expected earnings reports also weighed on the markets, adding to the volatility. However, on Friday, there was a slight rebound as investors digested the latest economic data and corporate earnings.

Federal Reserve policymakers provided some reassurance on Thursday, stating that they were confident that inflation was cooling enough to allow for potential interest rate cuts in the future. The size and timing of these cuts will be determined by economic data, giving investors some hope for stability in the markets.

Several companies reported positive earnings, leading to a boost in their stock prices. Expedia saw an 8 per cent jump after reporting better-than-expected results for the second quarter. Paramount Global and The Trade Desk also saw gains of 4.7 per cent and 4.1 per cent respectively, after strong growth in their respective businesses.

Megacap stocks, however, were mixed with Alphabet down over 1 per cent and Amazon.com up 0.6 per cent. The bond market also saw some movement, with the yield on the 10-year Treasury falling to 3.93 per cent from 3.99 per cent late on Thursday.

In the commodities market, oil prices edged higher on Friday on fears of a widening Middle East conflict. Brent crude futures were up 0.4 per cent at $79.48 a barrel, while US West Texas Intermediate crude futures rose 0.5 per cent to $76.57.

Gold prices, on the other hand, fell on Friday as the latest jobs data eased concerns about a US recession. Spot gold was down 0.1 per cent at $2,425.34 per ounce, while US gold futures rose 0.1 per cent to $2,464.60. Spot silver also saw a decline, down 0.3 per cent to $27.49 per ounce.

Overall, the markets showed signs of stabilization on Friday, offering a glimmer of hope to investors after a turbulent week. With economic data and corporate earnings continuing to drive market sentiment, investors will be closely watching for any signs of further volatility in the days ahead.

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