US stocks rebound on tech rally amid volatile trading
- #US stocks climbed on Friday, recovering a portion of Thursday’s market sell-off that was led by technological know-how stocks.
- #Absent a strong Friday rally, stocks are actually set to capture their first back-to-back week of losses since March, as soon as the COVID-19 pandemic was forward and school in investors’ thoughts.
- #Oil fell as investors went on to digest an article from the American Petroleum Institute that stated US stockpiles enhanced by almost three 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 and Oracle.
however, Friday’s original jump higher in the futures markets won’t be sufficient to prevent yet another week of losses for investors. All three major indexes are on track to film back-to-back weekly losses for the first time since early March, when the COVID 19 pandemic was forward and club of investors’ brains.
Here’s 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 its third quarter GDP forecast on Thursday to thirty five % annualized growth, prompted by a stronger-than-expected August jobs report. The US included 1.37 million jobs in August, more than an expected addition of 1.35 million jobs.
Economists surveyed by Bloomberg expect third quarter GDP expansion of twenty one %.
Peloton surged on Friday after the fitness organization cruised to the first quarterly profit of its on the back of increased spending on its treadmills and bicycles while in the COVID-19 pandemic. Oracle also posted a strong quarter of earnings growth, surpassing analyst expectations thanks to increased demand for its cloud services.
Oil extended the decline of its offered by Thursday as investors digested stories of depressed demand due to the COVID-19 pandemic and of improved supply from US oil producers. West Texas Intermediate crude sank as much as 1.7 %, to $36.67 per barrel. Brent crude, oil’s international standard format, fell 1.7 %, to $39.38 a barrel, at intraday lows.