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After broad selling across the market as the US Fed signalled rate rises, the local market rebounded on Friday, ending the week on a positive note. The market was boosted by positive earnings results in the US, with Atlassian and Apple providing strong quarterly earnings.
The ASX closed over 2% higher, with Imugene (ASX:IMU) in the lead. The biotech company gained 10.5% to $31.50, after announcing a new supply agreement with Swiss pharmaceutical company Roche. Meanwhile, gold miners were among the worst performers on Friday, as the price of gold dropped below US$1,800 an ounce. Ramelius Resources (ASX:RMS) fell to a 4-month low, down 8%, while Newcrest Mining (ASX:NCM) fell 6.4%. Both companies also reported quarterly results on Friday.
The most traded stocks by Bell Direct clients on Friday included BHP (ASX:BHP) and Rio Tinto (ASX:RIO) as the price of iron ore edged higher, in preparation for an increase in demand following the Beijing Winter Olympics.
European stocks saw their fourth straight week of losses, while US equities ended the week with gains. The Dow had its best day of 2022, up 1.65%. The S&P500 added 2.4% and Wall Street also saw a tech-led rally, with the Nasdaq gaining over 3%.
Despite the rally on Wall Street, the SPI futures are suggesting the ASX200 will drop 0.23% at the open this morning.
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