U.S. stock indices posted mixed results on Friday. Stocks seem to have reduced their dependence on oil prices, which posted significant losses.
The Dow Jones Industrial Average declined 21.44 points, or 0.1%, to 16,391.99 ( 2.6% over the week). The S&P 500 edged down 0.05 points, or less than 0.1%, to 1,917.78 ( 2.8% over the week). The Nasdaq Composite climbed 16.89 points, or 0.4%, to 4,504.43 (nearly 4% over the week).
Some analysts explain results of Friday session by technical factors. The market may have hesitated as the S&P ran into resistance at 1,950.
This morning in Asia Hong Kong Hang Seng rose 0.96%, or 185.23 points, to 19,470.73. China Shanghai Composite Index gained 2.04%, or 58.48 points, to 2,918.50. Meanwhile the Nikkei rose 1.17%, or 186.20 points, to 16,153.37.
Asian stock indices climbed as oil prices advanced. Chinese stocks also climbed as investors welcomed the decision to replace the head of the China Securities Regulatory Commission.
The yen slightly declined on preliminary manufacturing PMI data. The index declined to 50.2 points in February from 52.3 reported previously. Economists had expected a more modest decline to 52.0.