U.S. stock indices rose on Friday as investors paid little attention to mixed economic data. Some analysts also say that equities gained amid speculation that the Federal Reserve will avoid raising rates in the near future considering signs of weakness in the economy.
The Dow Jones Industrial Average rose 74.09 points, or 0.4%, to 17,215.84 ( 0.8% over the week). The S&P 500 advanced by 9.21, or 0.5%, to 2,033.07 ( 0.9% over the week). The Nasdaq Composite Index climbed 16.59, or 0.3%, to 4,886.69 ( 1.2% over the week).
Data showed on Friday that U.S. industrial production fell by 0.2% m/m and rose only by 0.4% y/y in September. Meanwhile preliminary Reuters/Michigan Consumer Sentiment Index rose to 92.1 in October from 87.2 reported previously.
This morning in Asia Hong Kong Hang Seng declined 0.41%, or 95.19, to 22,972.18. China Shanghai Composite Index added 0.08%, or 2.74, to 3.394.09. The Nikkei declined 0.95%, or 173.66, to 18,118.14.
Asian indices posted mixed results after initial gains amid China GDP data. Data showed on Monday morning that the pace of GDP growth of the world's second biggest economy slowed less than expected (6.9% y/y in the third quarter vs 6.8% expected and 7.0% previous).
National Bureau of Statistics of China noted that the economy still expanded about 7% and that there is a clear trend of transforming into a service-oriented economy. The bureau also said that the economic slowdown is partly caused by expectations of a rate hike in the U.S. and a weaker global economy.