US stocks rebound on tech rally amid volatile trading
- #US stocks climbed on Friday, recouping a percentage of Thursday’s market sell off that had been led by technological know-how stocks.
- #Absent a solid Friday rally, stocks are set to record their first back-to-back week of losses since March, once the COVID-19 pandemic was front side and facility of investors’ brains.
- #Oil fell as investors carried on to process a report from the American Petroleum Institute which said US stockpiles improved by almost 3 million barrels. West Texas Intermediate crude sank as much as 1.7 %, to $36.67 per barrel.
- # Bitcoin rose to 10K
Tech stocks spearheaded gains on Friday amid volatile trading as investors sized up better-than-expected earnings from Peloton as well as Oracle.
But Friday’s initial jump higher in the futures markets won’t be enough to prevent another week of losses for investors. All 3 leading indexes are actually on track to record back-to-back weekly losses for the first time since early March, as soon as the COVID 19 pandemic was forward and club of investors’ brains.
Here’s 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 35 % annualized progress, prompted by a stronger-than-expected August jobs report. The US put in 1.37 million tasks in August, much more than an expected addition of 1.35 million jobs.
Economists surveyed by Bloomberg count on third quarter GDP development of 21 %.
Peloton surged on Friday after the health organization cruised to its first quarterly profit on the rear of increased spending on its bicycles and treadmills while in the COVID 19 pandemic. Oracle likewise posted a strong quarter of earnings growth, surpassing analyst expectations because of increased demand for the cloud services of its.
Oil extended its decline offered by Thursday as investors digested accounts of depressed demand because of the COVID 19 pandemic and of enhanced source from US oil producers. West Texas Intermediate crude sank as much as 1.7 %, to $36.67 per barrel. Brent crude, oil’s international image standard, fell 1.7 %, to $39.38 a barrel, at intraday lows.