US stocks rebound on tech rally amid volatile trading
- #US stocks climbed on Friday, retrieving a percentage of Thursday’s market sell off that was led by technology stocks.
- #Absent a good Friday rally, stocks are set to record their very first back-to-back week of losses since March, once the COVID 19 pandemic was front side and school in investors’ thoughts.
- #Oil fell as investors carried on to digest a report from the American Petroleum Institute which said US stockpiles increased by about three million barrels. West Texas Intermediate crude sank as much 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.
although Friday’s original jump higher in the futures markets will not be enough to stop an additional week of losses for investors. All 3 leading indexes are 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 front side and center in investors’ thoughts.
Here’s where US indexes stood shortly after the 9:30 a.m. ET marketplace 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 progression, prompted by a stronger-than-expected August jobs report. The US put in 1.37 million projects in August, more than an expected addition 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 health business cruised to its very first quarterly benefit on the rear of increased spending on its treadmills and cycles during the COVID-19 pandemic. Oracle likewise posted a solid quarter of earnings growth, surpassing analyst expectations thanks to increased desire for its cloud services.
Oil extended its decline from Thursday as investors digested stories of depressed demand due to the COVID-19 pandemic and of enhanced 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 format, fell 1.7 %, to $39.38 per barrel, at intraday lows.