NEW YORK, New York - U.S. stocks rallied hard on Friday, boosted by strong rises around the world. Investors shrugged off a decline in consumer sentiment. The University of Michigan reported consumer confidence fell to 57.9 in March, well below the 63.2 expected.

"Consumer sentiment slid another 11 percent this month, with declines seen consistently across all groups by age, education, income, wealth, political affiliations, and geographic regions," the University of Michigan report released on Friday said. "Sentiment has now fallen for three consecutive months and is currently down 22 percent from December 24 2024," the report added.

The data, together with the tariffs-related volatility through the week, failed to dampen the thirst for stocks Friday. 

"Consumer sentiment came in worse, inflation expectations are rising, the 10-year Treasury yield is rising. You would think that the market would be off. So a lot of folks are watching to see if this rally has any breadth or legs," Thomas Martin, portfolio manager at Globalt Investments told CNBC Friday.

"What we would like to see is rates not go up, because that would be an indication that the Fed is losing control. If the Fed says they're cutting and rates go up, that's a lack of confidence," Martin said.

Following are Friday's closing quotes for key U.S. markets:

• S&P 500: The benchmark index rose by 117.42 points, or 2.13 percent, closing at 5,638.94. This surge marked its best day since the post-election rally, driven by a broad-based recovery across various sectors.

• Dow Jones Industrial Average: The Dow advanced 674.62 points, or 1.65 percent, ending at 41,488.19. The rally was led by notable gains in technology and industrial stocks, signaling renewed confidence among investors.

• NASDAQ Composite: The tech-heavy index jumped 451.07 points, or 2.61 percent, to close at 17,754.09. This increase was bolstered by strong performances from major technology companies, reflecting a resurgence in the sector.

Market Influences

The robust performance across these indices can be attributed to several factors:

• Economic Data: Positive economic indicators, including favorable consumer sentiment and retail sales figures, have bolstered investor confidence.

• Easing Trade Tensions: Recent developments suggest a de-escalation in global trade disputes, alleviating concerns over potential economic slowdowns.

• Corporate Earnings: Strong quarterly earnings reports from major corporations have reinforced optimism about the resilience of the business environment.

Overall, Friday's market rally reflects a combination of positive economic data, easing geopolitical tensions, and robust corporate performance, contributing to a favorable investment climate.

Global Foreign Exchange Market Overview for Friday

The global foreign exchange market witnessed notable movements on Friday, influenced by escalating trade tensions and shifting investor sentiments.

Major Currency Pairs:

• EUR/USD (Euro/US Dollar): The euro appreciated by 0.28 percent against the US dollar, closing at 1.0881. This uptick comes despite the euro retreating from a five-month peak earlier in the week, as concerns over global trade tensions and potential economic downturns weighed on the currency.

• USD/JPY (US Dollar/Japanese Yen): The US dollar strengthened by 0.53 percent against the Japanese yen, ending the day at 148.58. The yen's depreciation is attributed to diminished expectations of the Bank of Japan raising interest rates in the near term.

• USD/CAD (US Dollar/Canadian Dollar): The US dollar weakened by 0.46 percent against the Canadian dollar, with the pair trading at 1.4369. This movement reflects the broader market dynamics amid ongoing trade discussions between the US and Canada.

• GBP/USD (British Pound/US Dollar): The British pound experienced a slight decline of 0.10 percent against the US dollar, closing at 1.2931. The UK's unexpected economic contraction of 0.1 percent in January has raised concerns about the nation's economic trajectory.

• USD/CHF (US Dollar/Swiss Franc): The US dollar advanced by 0.39 percent against the Swiss franc, ending at 0.8850. Investors' consolidation of positions after earlier selling of the greenback contributed to this movement.

• AUD/USD (Australian Dollar/US Dollar): The Australian dollar rose by 0.62 percent against the US dollar, trading at 0.6322. The currency's appreciation aligns with the broader market trends observed during the day.

• NZD/USD (New Zealand Dollar/US Dollar): The New Zealand dollar saw the most significant gain among major currencies, appreciating by 0.88 percent against the US dollar to close at 0.5747.

Market Influences:

The day's currency movements were significantly influenced by escalating global trade tensions. U.S. President Donald Trump's threats to impose high tariffs on European alcohol imports have added to market volatility, affecting investor sentiment across various currencies.

Additionally, the UK's economic contraction in January has raised concerns about the nation's economic health, impacting the British pound's performance.

Overall, the foreign exchange market remains sensitive to geopolitical developments and economic indicators, with investors closely monitoring ongoing trade negotiations and economic data releases.

Global Stock Markets Rally on Friday

Global stock markets experienced significant gains on Friday, with major indices across the UK, Europe and Asia closing higher.

Canadian Markets

• S&P/TSX Composite Index: Canada's primary stock index climbed 350.17 points, or 1.45 percent, to finish at 24,553.40. The gains were widespread, with significant contributions from the energy and financial sectors.

UK and European Markets

• FTSE 100: The UK's leading index rose by 89.77 points, or 1.05 percent, to close at 8,632.33.
• DAX Performance Index: Germany's DAX surged 419.68 points, or 1.86 percent, ending at 22,986.82.
• CAC 40: France's benchmark index climbed 90.07 points, or 1.13 percent, to 8,028.28.
• EURO STOXX 50: The Eurozone's top 50 companies saw their index increase by 75.79 points, or 1.42 percent, closing at 5,404.18.
• Euronext 100: This pan-European index advanced 18.47 points, or 1.18 percent, to 1,580.88.
• BEL 20: Belgium's primary index added 45.71 points, or 1.05 percent, finishing at 4,410.12.

Asian Markets

• Hang Seng Index: Hong Kong's market jumped 497.33 points, or 2.12 percent, to 23,959.98.
• S&P/ASX 200: Australia's main index gained 40.60 points, or 0.52 percent, closing at 7,789.70.
• All Ordinaries: Another Australian index, it rose by 46.70 points, or 0.59 percent, to 8,013.30.
• SSE Composite Index: China's Shanghai index increased by 60.83 points, or 1.81 percent, ending at 3,419.56.
• Nikkei 225: Japan's benchmark index advanced 263.07 points, or 0.72 percent, to 37,053.10.

Other Notable Indices

• FTSE Bursa Malaysia KLCI: This Malaysian index edged up 2.12 points, or 0.14 percent, to 1,512.15.
• S&P/NZX 50: New Zealand's index rose by 57.20 points, or 0.47 percent, closing at 12,266.25.
• TWSE Index: Taiwan's market saw a modest gain of 6.37 points, or 0.03 percent, ending at 21,968.05.
• Top 40 USD Net TRI Index: South Africa's index increased by 84.16 points, or 1.80 percent, to 4,771.60.

Declining Markets

Not all markets shared in the gains:

• STI Index: Singapore's index dipped slightly by 1.50 points, or 0.04 percent, to 3,836.02.
• S&P BSE SENSEX: India's benchmark fell 200.85 points, or 0.27 percent, closing at 73,828.91.
• IDX Composite: Indonesia's index dropped 131.79 points, or 1.98 percent, to 6,515.63.
• KOSPI Composite Index: South Korea's market declined by 7.28 points, or 0.28 percent, ending at 2,566.36.

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