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.
The team
Videographer: Jear Velasquez
Photography: Romeo Perez
Fashion director: Sarah Maisey
Make-up: Gulum Erzincan at Art Factory
Models: Meti and Clinton at MMG
Video assistant: Zanong Maget
Social media: Fatima Al Mahmoud
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.
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
The%20Beekeeper
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Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
MATCH INFO
Aston Villa 1 (Konsa 63')
Sheffield United 0
Red card: Jon Egan (Sheffield United)
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Eco%20Way%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20December%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Ivan%20Kroshnyi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Electric%20vehicles%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Bootstrapped%20with%20undisclosed%20funding.%20Looking%20to%20raise%20funds%20from%20outside%3Cbr%3E%3C%2Fp%3E%0A
The specs
Engine: 3.8-litre V6
Power: 295hp at 6,000rpm
Torque: 355Nm at 5,200rpm
Transmission: 8-speed auto
Fuel consumption: 10.7L/100km
Price: Dh179,999-plus
On sale: now
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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
Roll of honour 2019-2020
Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain
West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership
UAE Premiership
Winners: Dubai Exiles
Runners up: Dubai Hurricanes
UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II
UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby
