Global stock indices were mixed Friday and for the week.
United States
 
US stocks advanced Friday and were up for a fifth consecutive week. The S&P closed up for the year for the first time Friday. The Dow Jones industrials turned positive Thursday. Both had been down more than 10 percent for the year a little more than a month ago. On the day, the Dow was up 0.7 percent while both the Nasdaq and S&P added 0.4 percent. For the week, indices added 2.3 percent, 1.0 percent and 1.3 percent respectively. Advances accelerated after the Federal Reserve signaled a more gradual path of interest-rate increases on Wednesday.
Health care stocks regained some ground after a rough week. Hospital operator Tenet Healthcare and prescription drug distributor McKesson gained. Drug companies including Biogen also were higher after days of losses. Health care is the worst-performing S&P sector this year. The Columbia Pipeline Group climbed after TransCanada agreed to buy the company for $10 billion, or $25.50 per share, in an attempt to expand further into the US. Adobe Systems was up after it reported better than expected results for the fiscal first quarter and raised its annual forecasts.
Starwood Hotels climbed after the hotel chain said it accepted a new buyout offer from a group led by Anbang Insurance Group of China. The bid is worth more than $14 billion. Competitor Marriott, which agreed to buy Starwood last year, said it is considering its options and noted it has the right to make another offer. JPMorgan Chase said it would buy back another $1.88 billion in stock, while Bank of America announced an $800 million stock repurchase. Shoe Carnival posted a strong gain after reporting fourth quarter results that beat estimates. Eagle Pharmaceuticals retreated after the FDA rejected the company’s drug to prevent blood clots in certain patients undergoing heart surgery.
These data reflect observations at 4:00 PM US ET. Gold at the afternoon London fixing was down US$14.40 to US$1,252.10. Copper futures were down 0.4 percent to US$2.28. WTI spot crude was down 76 US cents to US$39.44. Dated Brent spot crude was down 82 US cents to US$41.20. The US dollar was up against all of its major counterparts including the euro, ten, pound, Swiss franc and the Canadian and Australian dollars. The Dollar Index was up 0.4 percent. The yield on US Treasury 30 year bond was down 1 basis point to 2.68 percent while the yield on the 10 year note slipped 3 basis points 1.87 percent.
 
Europe
 
The European markets got off to a weak start Friday, but quickly recovered in choppy trading. Banking stocks were among the top performers. The FTSE slipped 0.2 percent and the SMI retreated 0.6 percent. However, the CAC was up 0.4 percent and the DAX added 0.6 percent. On the week, the FTSE and DAX were up 0.8 percent and 1.2 percent respectively while the CAC and SMI lost 0.7 percent and 2.3 percent.
RWE and peer E.ON gained. Banks including, Commerzbank, Deutsche Bank, Société Générale, Crédit Agricole and BNP Paribas finished higher. Berkeley Group Holdings declined even though the homebuilder said it expects full-year results to be at the top end of expectations. Standard Chartered, Barclays, Royal Bank of Scotland and Lloyds Banking Group gained.
UBS advanced in Zurich. The Swiss bank raised its bonus pool by 14 percent in 2015 with Chief Executive Officer Sergio Ermotti receiving a 28 percent raise according to its annual report. Italian cooperative lender Banco Popolare was up and Banca Popolare di Milano was down in Milan after the European Central Bank requested them to submit a business plan within a month. Anglo American and Glencore led a rebound in resource related stocks. Daimler AG and Volkswagen pushed carmakers higher as a weaker euro boosted earnings prospects.
 
Asia Pacific
 
Most Asian shares advanced Friday, although Japanese shares succumbed to selling pressure thanks to the continued strength in the yen. Big gains in commodity prices amid dollar weakness, positive home price data out of China and a surge in regional currencies on expectations that the US Federal Reserve would not raise interest rates as quickly as expected helped underpin risk appetite.
The Shanghai Composite climbed 1.7 percent as the dollar’s weakness helped ease worries surrounding capital outflows from the country. Sentiment was also buoyed by positive home price data. House prices in majority of the Chinese cities increased in February. On a monthly basis, house prices rose in 47 cities out of 70 surveyed by the government. The Hang Seng added 0.8 percent. On the week, the Shanghai Composite was up 5.2 percent and the Hang Seng was up 2.3 percent.
The Nikkei was down 1.2 percent Friday and lost 1.3 percent on the week as the yen continued to strengthen against the US dollar, raising concerns over the likely impact on major exporters’ profits. The fiscal year ends on March 31. The yen briefly rose to the upper 110 yen range, spurring speculation that the Bank of Japan is checking exchange rates with banks, a move seen by traders as a prelude to market intervention. Automakers Honda, Nissan, Toyota, Mazda Motor and Fuji Heavy Industries retreated. Toshiba rallied after announcing a $5.9 billion asset sale. Oil firm Inpex and electronics maker Panasonic advanced.
The S&P/ASX and All Ordinaries added 0.3 percent and 0.2 percent respectively. Shares pared early gains as the Australian dollar extended its rally, raising concerns it would hurt the growing services and tourism sectors. BHP Billiton and Fortescue Metals Group jumped after Dalian iron ore prices climbed almost 6 percent. Origin Energy, Santos and Woodside Petroleum all rose after oil prices extended recent rally to break above $40 a barrel on Thursday for the first time this year. Banks advanced. Both indices added 0.3 percent on the week.
The Kospi was up 0.2 percent Friday and 1.1 percent on the week. Investors largely shrugged off news of North Korea firing two medium-range ballistic missiles into the Sea of Japan. The Sensex gained 1.1 percent on the day and 0.9 percent on the week.
 
Global Stock Markets

Please remember, the value of investments and the income from them can do down as well as up. Funds that invest in overseas markets may be subject to currency fluctuations. Investments in small and emerging markets can be more volatile than other overseas markets. Reference in this document to specific securities should not be construed as a recommendation to buy or sell these securities, but is included for the purposes of illustration only.
Looking forward*
 

The following indicators will be released this week…

Europe

 
 
 
 

March 22

Germany

Ifo Business Survey (March)

 
 

ZEW Business Survey (March)

 

UK

Consumer Price Index (February)

 
 

Producer Price Index (February)

 

Eurozone

PMI Manufacturing, Services & Composite (March flash)

 

France

PMI Manufacturing, Services & Composite (March flash)

 

Germany

PMI Manufacturing, Services & Composite (March flash)

March 24

UK

Retail Sales (February)

March 25

France

Gross Domestic Product (Q4.2015 final)

 
 
 

Asia/Pacific

 

March 22

Japan

PMI Manufacturing (March flash)

March 25

Japan

Consumer Price Index (February)

 
 
 
 
 

Americas

 
 

March 21

United States

Existing Home Sales (February)

March 22

United States

PMI Manufacturing (March flash)

March 23

United States

New Home Sales (February)

March 24

United States

Initial Unemployment Claims (week ending prior Saturday)

 
 

Durable Goods Orders (February)

March 25

United States

Gross Domestic Product (Q4.2015 final)

 
 
*Note — all releases are listed in local time.

Source: Fidelity

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