US stocks rebound on tech rally amid volatile trading
- #US stocks climbed on Friday, recovering a part of Thursday’s market sell off that had been 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, as soon as the COVID 19 pandemic was forward and facility in investors’ thoughts.
- #Oil fell as investors went on to process an article from the American Petroleum Institute which mentioned US stockpiles increased by about three million barrels. West Texas Intermediate crude sank pretty much as 1.7 %, to $36.67 a barrel.
- # Bitcoin rose to 10K
Tech stocks spearheaded benefits on Friday amid volatile trading as investors sized up better-than-expected earnings from Peloton and Oracle.
however, Friday’s initial jump higher in the futures markets won’t be more than enough to stop an additional week of losses for investors. All 3 leading indexes are on the right track to record 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’ brains.
Here is just where US indexes stood shortly after the 9:30 a.m. ET industry 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 included 1.37 million jobs 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 company cruised to the first quarterly benefit of its on the rear of increased spending on its treadmills and bicycles while in the COVID 19 pandemic. Oracle also posted a good quarter of earnings growth, surpassing analyst expectations thanks to increased desire for the cloud services of its.
Oil extended its decline from Thursday as investors digested accounts of depressed need as a result of COVID-19 pandemic and of improved supply 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.