US stocks rebound on tech rally amid volatile trading
- #US stocks climbed on Friday, recovering a percentage of Thursday’s market sell off that had been led by technologies stocks.
- #Absent a strong Friday rally, stocks are established to capture their first back-to-back week of losses since March, once the COVID-19 pandemic was front and school of investors’ thoughts.
- #Oil fell as investors carried on to process a report from the American Petroleum Institute which stated US stockpiles increased by almost three million barrels. West Texas Intermediate crude sank almost as 1.7 %, to $36.67 a barrel.
- # Bitcoin rose to 10K
Tech stocks spearheaded gains on Friday amid volatile trading as investors sized up better-than-expected earnings from Oracle and Peloton.
But Friday’s initial jump higher in the futures markets won’t be enough to prevent another week of losses for investors. All three leading indexes are actually on course to capture back-to-back weekly losses for the very first time since early March, when the COVID 19 pandemic was forward and school 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 its third quarter GDP forecast on Thursday to 35 % annualized growth, prompted by a stronger-than-expected August jobs report. The US put in 1.37 million tasks in August, much more than an expected fact of 1.35 million jobs.
Economists surveyed by Bloomberg expect to see third quarter GDP expansion of twenty one %.
Peloton surged on Friday after the fitness business cruised to its first quarterly profit on the rear of increased spending on its treadmills and bikes while in the COVID-19 pandemic. Oracle additionally posted a solid quarter of earnings growth, surpassing analyst expectations because of increased need for its cloud services.
Oil extended its decline from Thursday as investors digested reports of depressed need because of the COVID 19 pandemic and of enhanced source from US oil producers. West Texas Intermediate crude sank pretty 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.