Shares in Asia rose after gains in US stocks pushed the S&P 500 to within a whisker of its record high as investors bet that the Federal Reserve will cut interest rates as early as March.
Synopsis
The S&P/ASX 200 index ended 0.5 per cent higher at 7,014.2, after three days of heavy losses. For the week, it ended 0.9 per cent lower, its biggest weekly drop since Feb.26.
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Energy stocks led gains on the benchmark, finishing 1.7 per cent higher after shedding nearly 2 per cent over the week.
Australian shares ended higher on Friday, led by gains in banks and energy stocks, tracking an overnight Wall Street rebound, but the benchmark index posted its biggest weekly drop in 11 weeks. The S&P/ASX 200 index ended 0.5 per cent higher at 7,014.2, after three days of heavy losses. For the week, it ended 0.9 per cent lower, its biggest weekly drop since Feb.26.