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US stocks rise after Comey’s testimony, Britain’s election

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New York: US stocks traded higher in the morning session on Friday, as investors mainly digested former FBI Director James Comey’s testimony and the British general election.

By noon, the Dow Jones Industrial Average was up 98.22 points, or 0.46 per cent, to 21,280.75. The S&P 500 rose 10.20 points, or 0.42 per cent, to 2,443.99. The Nasdaq Composite Index gained 6.19 points, or 0.10 per cent, to 6,327.95, Xinhua reported.

Comey on Thursday told Congress the contents of his interactions with US President Donald Trump since election day, amid concerns that Trump tried to interfere with an ongoing probe on Russia.

US stocks have posted solid gains after Trump’s election, as market expectations for tax reforms, deregulation and infrastructure spending were a key catalyst.

But turmoil in Washington triggered market concerns on whether the Trump administration could continue to push its reform agenda.

Meanwhile, investors also digested a widely unexpected result of the Britain’ s general election.

As British Prime Minister Theresa May gambled her political future on calling for a snap general election seven weeks ago, results from Thursday’s election showed that her party can not form a majority government.

The results sent the British pound lower to its weakest level since April 18 against the dollar.

IANS

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