US. Stocks rallied after the S & P 500 closed at a record high on Thursday. Government bond yields stabilized and energy prices rose in geopolitical anxiety.
The S & P 500 (^ GSPC) rose 0.24% or 6.98 points from 11.10 CET, reaching a new all-time high of 2,964.14 points during the day. Jump over the all-time high on Thursday. The Dow (^ DJI) rose 0.5% or 132.72 points, while the Nasdaq (^ IXIC) rose 0.21% or 14.96 points.
Equities were amid signals of a looser US Federal Reserve monetary policy in a precipice, Bank of England and Bank of Japan, this week.
Treasury yields rose slightly on Friday and rebounded slightly as traders' buying frenzy cooled off earlier in the week. The 10-year yield (^ TNX) rose 2.6 bps to 2.037%, after falling below 2% on Thursday for the first time since November 2016. Yields are inversely related to prices.
The last trading session will be on Friday before S & P Dow Jones Indices makes the quarterly adjustment of the S & P 500. This will involve adjusting the representation of the 500 companies that make up the S & P 500, and will impact Exchange Traded Funds (ETFs) and other funds that track the index. Index adjustments tend to increase trading volumes as portfolio managers shift their holdings to accommodate the newly-indexed index. The rebalancing will take effect on the market launch on 24 June.
In addition, contracts on stock index futures and options, stock options and single stock futures will expire on Friday. This quarterly event – also known as "quadruple witching" – tends to increase trading volumes and volatility.
Meanwhile, gasoline futures (RB = F) rose more than 3.5% after explosions and major fires broke out on Pennsylvania's largest oil refinery. The fire, which came from a butane pan at Philadelphia Energy Solutions, was contained according to several reports on Friday morning, but not under control.
crude oil prices also climbed on Friday in the midst of escalating tensions between the US and Iran onwards. President Donald Trump, according to the New York Times, ordered military action against Iran before resigning after Tehran shot down a US drone on Thursday.
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Domestic crude futures (CL = F) rose 0.14% to $ 57.15 a barrel on Friday and rose more than 5% on Thursday. The Brent crude oil price (BZ = F), the international benchmark, rose 0.7% to $ 64.90 a barrel.
A measure of US business growth fell to its lowest level in more than three years, with both manufacturing and services declining. IHS Markit Manufacturing PMI for US manufacturing fell to 50.1 in June, a nearly 10-year low. This was below the May level of 50.5 and consensus expectations remained unchanged from May to June.
Meanwhile, the IHS Markit PMI dropped to 50.7 in June, falling from 50.9 in May and lagging behind consensus expectations. The PMI for services in June was the lowest level in 40 months. Overall, the US Composite PMI reached its lowest level in 50.6 for nearly three and a half years.
<p class = "canvas-atom canvas-text Mb (1,0em) Mb (0) – sm Mt (0,8em) – sm" type = "text" content = " The Canopy Growth Corporation ( CGC, WEED.TO ) was adjusted quarterly losses and gross margins that missed the consensus expectations. "Data-reactid =" 40 "> Canopy Growth Corporation ( CGC, WEED.TO ) reported quarterly adjusted losses and gross margins that failed to meet consensus expectations.
The World According to Bloomberg, the largest cannabis company reported quarterly losses before interest, taxes, depreciation and amortization of $ 98 million (or about $ 74 million) against an expected loss of $ 64 million. Adjusted gross margin – a closely monitored performance indicator as investors look at the profitability of emerging market members – fell to 16% for the quarter ended March 31. This was below consensus expectations for 24%. Sales of $ 94 million exceeded expectations of $ 92 million.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) –sm Mt (0.8em) – sm" type = "text" content = " Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck "data-reactid =" 48 "> Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck
<p class = "canvas-atom canvas-text Mb (1,0em) Mb (0) – sm Mt (0,8em) – sm" type = "text" content = " Read more from Emily: " data-reactid = "49"> Read more from Emily:
<p class = "canvas-atom canvas- text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" Follow Yahoo Finance on Twitter Facebook  Instagram Flipboard LinkedIn and reddit . "data-reactid =" 56 "> Follow Yahoo Finance on Twitter Facebook Instagram Flipboard LinkedIn and  reddit .