- #US stocks climbed on Friday, recouping a portion of Thursday’s market sell-off which was led by technologies stocks.
- #Absent a solid Friday rally, stocks are actually set to capture their first back-to-back week of losses since March, when the COVID-19 pandemic was forward and school of investors’ thoughts.
- #Oil fell as investors went on to process an article from the American Petroleum Institute which said US stockpiles improved by nearly 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 profits on Friday amid volatile trading as investors sized up better-than-expected earnings from Peloton and Oracle.
But Friday’s original jump higher in the futures markets won’t be enough to stop yet another week of losses for investors. All three main indexes are on the right track to record back-to-back weekly losses for the very first time since early March, once the COVID-19 pandemic was front side and center of investors’ minds.
Here is the place 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 35 % annualized growth, prompted by a stronger-than-expected August jobs report. The US put in 1.37 million projects in August, much more than an expected addition of 1.35 million jobs.
Economists surveyed by Bloomberg count on third-quarter GDP expansion of twenty one %.
Peloton surged on Friday after the health organization cruised to its first quarterly profit on the rear of increased spending on its treadmills and bicycles during the COVID-19 pandemic. Oracle also posted a strong quarter of earnings growth, surpassing analyst expectations thanks to increased demand for the cloud services of its.
Oil extended the decline of its from Thursday as investors digested reports of depressed need due to the COVID 19 pandemic and of increased 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 format, fell 1.7 %, to $39.38 per barrel, at intraday lows.