US stock markets close higher after Warsh takes Fed helm

The New York Stock Exchange ended the week on a high note as Dow Jones saw a historical high.
The Dow rose 0.58%, or 294.04 points, to finish at 50,579.70.

The S&P 500 gained 0.37%, or 27.75 points, to close at 7,473.47, while the Nasdaq rose 0.19%, or 50.87 points, to 26,343.97.

The Volatility Index (VIX), often referred to as the market’s “fear index,” fell 0.36% to 16.7.

Kevin Warsh, whom US President Donald Trump nominated for the position of Fed Chair, was sworn in and began his duties.

Speaking at the swearing-in ceremony held at the White House, Trump said: “I want Kevin to be totally independent, I want them to be independent and just do a great job. Don't look at me, don't look at anybody, just do your own thing and do a great job."

The Fed’s new chair, Warsh, also referred to the mission of price stability and maximum employment.

The yield on the US 10-year Treasury note fell by approximately three basis points to 4.56%, while the yield on the 30-year US Treasury bond dropped by five basis points to 5.06%.

The futures price of Brent crude oil, which has been trading in a volatile range, rose by about 1% to $103.48 as of 2010GMT.

On the macroeconomic data front, the University of Michigan’s consumer sentiment index in the US fell to 44.8 in May following a downward revision, hitting an all-time low.

Markets in the US will be closed on Monday for Memorial Day.

European markets

European stocks saw positive figures, with the pan-European Stoxx Europe 600 index was up 0.73% to close at 625.12 points.

In national markets, the UK's FTSE 100 posted an increase, up by 0.22% to 10,466.26, and Germany's DAX 40 rose 1.15% to 24,888.56 points.

France's CAC 40 increased 0.37% to 8,115.75, Italy's FTSE MIB 30 went up 0.7% to 49,510.97, and Spain's IBEX 35 was up 0.06% to end at 17,985.30.