Newscasts - Trading at Noon: US business activity hits 31-month high

Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_xecklwyq&referenceId=1_xecklwyq&pageId=Newscasts Source: 'Reuters - Business videos' Description: The S&P 500 and the Dow Industrial Average rose after a measure of business activity hit a 31-month high - yet more signs of strength in the economy. Short Link: https://refini.tv/4fCUZbr Video Transcript: US business activity hits a 31-month high. Welcome to Trading at Noon. I am Elena Casas. The yield on the 2-year Treasury rose after a measure of business activity surged, boosted by hopes of lower interest rates and more business-friendly policies from the incoming administration. S&P Global said US Composite PMI increased to 55.3, up from 54.1, and the highest level since 2022. It is the latest in a string of data, including retail sales, suggesting the economy continues to purr along at a solid pace. On Wall Street, benchmarks resumed trading after both the Dow and S&P 500 hit one-week highs on Thursday. All three are on track for gains on the week. Markets were also monitoring a missile exchange between Ukraine and Russia, after the latter lowered its threshold for nuclear retaliation earlier in the week. Energy stocks are the most sensitive to geopolitical risks and have gained over 2% this week. Shares in Gap jumped. This after a return to growth across all four of its brands encouraged the retailer to lift its annual sales forecast at the start of the holiday trading season. Shares in Ross Stores also jumped and are on track for their best day in two years, after the clothing chain raised its annual profit forecast. This despite reporting Q3 sales below estimates, as consumers delayed spending on non-essentials. Gold prices rose to a two-week high. Spot Gold has risen 5% this week, its best weekly performance since October 2023. Traders put it down to those ratcheted geopolitical tensions in Ukraine. Gold rose despite a rally in the Dollar, and alongside Bitcoin which edged closer to $100,000 in early trade. Oil prices are set for their biggest weekly rise in almost two months, as the intensifying war in Ukraine increases the geopolitical risk premium for the market. Also supporting prices this week: China announced policy measures on Thursday to boost trade, including support for energy imports. And finally, COP29 released a draft finance deal that would have developed nations take the lead in providing $250 billion a year by 2035 to help poorer nations. Well, governments gathered in Baku are tasks with agreeing a sweeping funding plan to tackle climate change, but the talks have been deadlocked as wealthy governments balked at such a costly outcome. Negotiators have just hours to bridge those differences before the two-week conference wraps up later on Friday. And that is Trading at Noon.