US stocks rebound on tech rally amid volatile trading
- #US stocks climbed on Friday, retrieving a percentage of Thursday’s market sell off that had been led by technologies stocks.
- #Absent a good Friday rally, stocks are set to record the first back-to-back week of theirs of losses since March, as soon as the COVID-19 pandemic was forward and center in investors’ thoughts.
- #Oil fell as investors continued to process a report from the American Petroleum Institute that said US stockpiles improved by about 3 million barrels. West Texas Intermediate crude sank pretty much as 1.7 %, to $36.67 per barrel.
- # Bitcoin rose to 10K
Tech stocks spearheaded profits on Friday amid volatile trading as investors sized up better-than-expected earnings from Peloton as well as Oracle.
although Friday’s original jump higher in the futures markets won’t be sufficient to prevent yet another week of losses for investors. All three leading indexes are actually on track to film back-to-back weekly losses for the first time since early March, once the COVID 19 pandemic was forward and facility in investors’ brains.
Here is just where US indexes stood shortly after the 9:30 a.m. ET niche market open on Friday:
S&P 500: 3,354.78, up 0.5%
Dow Jones industrial average: 27,641.80, up 0.4 % (117 points)
Nasdaq composite: 10,976.01, up 0.5%
Goldman Sachs updated the third-quarter GDP forecast of its on Thursday to thirty five % annualized growth, prompted by a stronger-than-expected August jobs report. The US put in 1.37 million jobs in August, more than an anticipated inclusion of 1.35 million jobs.
Economists surveyed by Bloomberg expect to see third quarter GDP expansion of 21 %.
Peloton surged on Friday after the health business cruised to the very first quarterly benefit of its on the backside of increased spending on its treadmills and cycles while in the COVID 19 pandemic. Oracle also posted a solid quarter of earnings growth, surpassing analyst expectations because of increased demand for its cloud services.
Oil extended the decline of its offered by Thursday as investors digested stories of depressed demand because of the COVID-19 pandemic and of increased supply from US oil producers. West Texas Intermediate crude sank as much as 1.7 %, to $36.67 a barrel. Brent crude, oil’s international standard, fell 1.7 %, to $39.38 per barrel, at intraday lows.