Morning Report 16 May 22: US sharemarkets surged higher on Friday

US sharemarkets were supported by US Federal Reserve Chair Jerome Powell’s reassurance on Thursday that bigger interest rate hikes would be off the table for now. Shares of Nike and Salesforce closed up 4.7% and 4.1%, leading the Dow Jones index higher. Meta Platforms (+3.9%), Alphabet (+2.8%), Apple (+3.2%) and Tesla (+5.7%) shares all finished higher. But Twitter shares plunged 9.7% after Elon Musk claimed his takeover offer was "temporarily on hold." The Dow Jones index closed up by 466 points or 1.5%. The S&P 500 index gained 2.4% and the Nasdaq index added 434 points or 3.8%. Over the week, the Dow fell 2.1%, the S&P 500 dropped 2.4% and the Nasdaq slipped 2.8%. 

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