US markets were mixed for Friday, however finished the week higher, as investors in the US were divided by mixed economic data on the home front and an array of international events. Looking at the sectors, banking stocks were mixed, while a weaker dollar helped commodity focused companies.
In economic news, US GDP was revised to a lower than expected annual rate of 5.6%, against an earlier 5.9%, while a measure of consumer sentiment reported by the University of Michigan rose from 73.6 over 72.5. Economists thought it would rise to 73.
The Greek debt drama, meanwhile, continued to play out with the country striking a deal to secure new loans, while on the other side of the world the sinking of a South Korean naval ship sparked fears of rising tensions on the Korean peninsula.
The Dow Jones added 9.15, or 0.08% to 10,850.36. The S&P 500 rose 0.86, or 0.07% to 1,166.59, while the tech-heavy NASDAQ retreated 2.28 or 0.10% to 2,395.13.
The financial stocks lent weight to the market, with Citigroup and Bank of America both climbing 0.9%. Goldman Sachs retreated 1.2%.
Oracle fell 1.3% despite posting results, which were ahead of expectations.
Blackberry maker Research in Motion added 2.2% after a broker upgrade. Apple, which makes the rival iPhone, climbed 1.9%.
Microsoft retreated 1.2%.
Among the retailers, Wal-Mart dipped 0.2%, while Macy’s added 1%.
Car maker Ford was 0.4% stronger. Over the weekend the company agreed to sell Volvo to Chinese upstart Geely Automobiles for US$1.8 billion.
NYMEX light crude oil for May delivery fell 53c to settle at $80 a barrel.
Exxon Mobil and Chevron added 0.4% and 0.9% respectively.
COMEX gold for May delivery rose $11.30 to settle at $1,105.40 per ounce.
European Markets
European stocks ended Friday higher although up for the week, notching the fourth straight week of gains. The downside of the long running saga over Greek debt has now been priced into the market, and a move to secure loans for that country helped markets turn higher.
The UK benchmark FTSE 100 lost 24.63, or 0.43% to 5,703.02. The German DAX lost 12.90, or 0.21% to 6,120.05, while the French CAC40 retreated 11.55, or 0.29% to 3,988.93.
Greece secured commitments for relief packages from both the IMF and the Eurozone if it gets into more trouble.
The news helped banks in Greece gain, with Piraeus Bank, National Bank and Alpha Bank surging between 8.1% and 12.7%.
In the UK, Barclays was 0.7% stronger, while RBS was flat.
French giant BNP Paribas was also little changed and Deutsche Bank was 1.6% up.
Among the heavyweight miners, BHP Billiton and Rio Tinto both lost 0.5%. Anglo American, on the other hand, gained 0.7% as most base metal prices rose overnight.
Energy stocks were lower with BP and Royal Dutch Shell easing 0.5% and 0.7% respectively.
BG Group, which last week announced a deal to sell $60 billion worth of Australian CSG to China, fell 1.7%.
Pharmaceutical stocks were hit by a German decision which would cut the price of patented drugs.
Shire, Novartis and GlaxoSmithKline were all down 1.5%, while Germany's Roche dipped 1.9%.
Japanese Markets
Japan’s Nikkei climbed to its highest level in 18 months as investors looked to secure dividends prior to the end of the financial year. Exporters were in favour as the yen weakened to its lowest level against the greenback since early January.
The Nikkei 225 rallied 167.52, or 1.55% to 10,996.37.
Sony and Canon gained 2.2% and 1.9% as electronics makers added the most points to the index.
Audio equipment maker Pioneer Corp. spiked 9.6% on the back of a broker upgrade.
Nissan added 1.2% amid reports the automaker and Daimler are in the final stages of talks to take 5% stakes in each other.
Mazda and Toyota put on 2.1% and 1.5%
Advantest Corp jumped 3.1% after US based mobile phone chipmaker Qualcomm increased its profit forecast. Tokyo Electron was 2.7% higher.
Shin-Etsu Chemical Co. and Sumco Corp. rose 3.4% and 3.2%.
Hong Kong Market
The Hang Seng posted one of the strongest gains seen on international markets Friday. Banking stocks helped the market higher, while the auto sector also buoyed the market.
The Hang Seng rallied 274.56, or 1.32% to 21,053.11.
Bank of China was 1% stronger, with the Hang Seng’s most dominant company, HSBC, climbing 2.3%.
Retailer Giordano International spiked 13.3% following a broker upgrade.
All eyes will be on Geely Automobiles this morning. Over the weekend the carmaker said it would purchase Swedish brand Volvo from Ford for US$1.8 billion. On Friday its shares rose 1.7%.
BYD, a rival carmaker backed by US investor Warren Buffett, was up 2.9%.
Great Wall Motors spiked 5.7%, while a range of other motoring stocks also posted strong gains.
Among oil stocks CNOOC climbed 2.3%, while Sinopec 2.4% stronger.