Morning Report 21 Mar 22: US sharemarkets close higher on Friday after Xi-Biden talks

US sharemarkets climbed on Friday. Ten of 11 S&P 500 sectors rose with utilities (-0.9%) the only sector to fall. Investors were heartened by talks between the US and China where both leaders stressed the need for a diplomatic solution to the crisis. Shares in US delivery firm FedEx slumped almost 4% after a weaker-than expected quarterly earnings report. The Dow Jones index closed higher by 274 points or 0.8%. The S&P 500 index lifted by 1.2% and the Nasdaq index rose by 279 points or 2.1%. Over the week, major indices posted the strongest gains since November 2020. The Dow rose 5.5%; the S&P 500 rose 6.2%; and the Nasdaq lifted 8.2%.

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