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S&P 500 rises for fourth straight week as Chinese companies delist from U.S. stock exchanges

S&P 500 rises for fourth straight week; Chinese companies delist from U.S. exchanges

Traders focus on the ground of the brand new York STOCK MARKET prior to the closing bell on Wall Street in NEW YORK in January. File Photo by John Angelillo/UPI | License Photo

Aug. 12 (UPI) — U.S. stocks grew on Friday with the S&P 500 index marking a rise for the fourth straight week.

On the another hand, five of China’s largest state-owned companies announced this week they would delist from the brand new York STOCK MARKET.

Market data from Nasdaq shows that the S&P 500 grew 1.73% on Friday to close the week at 4,280.15 points, with a weekly gain around 3.3%.

The Nasdaq Composite grew about 2.1% on Friday for a weekly gain around 3.1%, also rising for the fourth straight week to close above 13,000 points for the very first time since April 25.

The Dow Jones Industrial Average rose 424.38 points Friday to get rid of the week up about 2.92%, Nasdaq data shows.

The S&P 500 is on the right track because of its longest weekly winning streak since November 2021, CNBC noted.

The index rose 9.1% in July because of its biggest monthly gain since November 2020 once the first announcements about effective coronavirus vaccines were made.

The markets were again boosted by gains in tech stocks with shares of Apple rising 2% after Bloomberg reported that the business expects to keep sales of the iPhone despite inflation.

“The actual fact we’re beginning to see energy prices drop, that could be an indicator of furthermore ahead for other inflation indicators,” Anastasia Amoroso, chief investment strategist at iCapital Network, told Yahoo Finance Live.

“We’re beginning to chip away as of this inflation issue, and that is a large catalyst for the markets.”

The marketplace news came as five of China’s biggest state-owned companies announced in filings to Hong Kong Exchanges on Friday that they can delist from the brand new York STOCK MARKET in coming weeks.

PetroChina said in its statement that it’ll obtain a voluntary delisting of its American Depositary Shares citing a “relatively limited trading volume” and “the considerable administrative burden for performing the disclosure obligations as essential for maintaining the report on the ADSs.”

Sinopec, in a similar statement, said that it intends to file to delist its depositary shares by Aug. 29, and that the delisting from the brand new York STOCK MARKET is likely to become effective 10 days later. Sinopec’s Shanghai Petrochemical also said it will be delisting its depositary shares.

China LIFE INSURANCE COVERAGE Company and Chalco, an aluminum producer, also made filings announcing they would delist their companies.

The delisting of the Chinese companies comes as tensions between Beijing and america have already been growing.

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