Stocks wobble at end of uncertain week

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[ICYMI] Stocks wobble at end of uncertain week

The dollar fell against the pound and yen after Federal Reserve officials pressed their case for further rate hikes to battle stubborn inflation.

Frankfurt and Paris stocks flipped between gains and losses after purchasing managers' index survey data showing eurozone business activity growth accelerated in April on the buoyant services sector -- but manufacturing shrank. "There was a consistent theme across today's euro-area PMIs. Activity levels surged in the services sector due to a robust demand backdrop, while manufacturing activity continued to contract," said Monex Europe analyst Simon Harvey.

On Thursday, Philadelphia Fed chief Patrick Harker said"some additional tightening may be needed to ensure policy is restrictive enough" to support the Fed's dual mandate of keeping both unemployment and inflation low.

 

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