Most U.S. stocks closed lower on Friday, while April figures showed the Dow and S&P posting gains. At the same time, the dollar began a steep descent against the yen, heading for the largest decline since 2008.
The Dow Jones industrial average closed about 56 points lower after earlier falling 178, posting a half percent gain for April and recording its first three-month gain since a five-month streak ended June 2014.
The S&P 500 gained nearly 0.3 percent in April, for its first two-month win streak so far this year while the Nasdaq composite briefly attempted gains before falling for a seventh-straight day to lose 1.9 percent in April, its worst month since January.
According to Jeremy Zirin, head CIO investment strategist, UBS Wealth Management Americas, "What we've seen so far this week, in terms of the market, we've seen a bit of a reversal of the risk-on rally we saw over the prior two months."
US $ Dropping, Euro Strong
Following the Bank of Japan’s decision to keep rates steady, analysts predict that the U.S. dollar is on track for its biggest weekly percentage decline against the yen since the 2008 financial crisis.
The dollar was down 1.3 percent against the yen at 106.72 yen on Friday, near an 18-month low. The dollar was last down about 4.5 percent against the yen for the week, putting it on track for its biggest weekly loss since October 2008.
The dollar also tumbled against the euro, with the euro hitting its highest against the dollar in two and a half weeks. The euro was last up 0.8 percent against the dollar at $1.1448.