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Market looks to US-China talks after rocky start to new year

Bonds and gold attract capital as investors dump volatile stocks

An electronic board in Tokyo shows the plunging Nikkei Stock Average on Friday, alongside Thursday's result for the Dow Jones Industrial Average.   © Reuters

TOKYO/WASHINGTON -- Global stock markets concluded a roller-coaster first week of the new year Friday, with the latest news triggering massive swings in either direction. Now all eyes turn to the U.S.-China trade talks, which begin Monday in Beijing, to guide the next steps.

Wall Street rebounded on Friday, with the Dow Jones Industrial Average closing 746 points, or 3.29%, higher at 23,433, after diving 660 points on Thursday. Investors were first buoyed by a better-than-expected jobs report for December. Stocks extended their rally later after Fed Chairman Jerome Powell said the central bank is "prepared to adjust policy quickly and flexibly" in response to economic conditions.

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