US stocks rebound on tech rally amid volatile trading
- #US stocks climbed on Friday, recovering a percentage of Thursday’s market sell off that was led by technology stocks.
- #Absent a solid Friday rally, stocks are established to record their very first back-to-back week of losses since March, as soon as the COVID-19 pandemic was forward and school of investors’ brains.
- #Oil fell as investors continued to break down a report from the American Petroleum Institute which mentioned US stockpiles improved by nearly 3 million barrels. West Texas Intermediate crude sank as much as 1.7 %, to $36.67 a 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.
however, Friday’s original jump higher in the futures markets won’t be sufficient to prevent yet another week of losses for investors. All 3 main indexes are actually on course to capture back-to-back weekly losses for the very first time since early March, as soon as the COVID-19 pandemic was forward and club in investors’ thoughts.
Here is just where US indexes stood shortly after the 9:30 a.m. ET 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 progress, prompted by a stronger-than-expected August jobs report. The US added 1.37 million projects in August, more than an anticipated addition of 1.35 million jobs.
Economists surveyed by Bloomberg expect to see third quarter GDP development of 21 %.
Peloton surged on Friday after the fitness organization cruised to its first quarterly profit on the back of increased spending on its bicycles and treadmills during the COVID-19 pandemic. Oracle additionally posted a strong quarter of earnings growth, surpassing analyst expectations because of increased demand for its cloud services.
Oil extended the decline of its from 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 almost as 1.7 %, to $36.67 per barrel. Brent crude, oil’s international standard, fell 1.7 %, to $39.38 per barrel, at intraday lows.