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 technologies stocks.
- #Absent a solid Friday rally, stocks are set to record the very first back-to-back week of theirs of losses since March, when the COVID 19 pandemic was forward and club of investors’ thoughts.
- #Oil fell as investors continued to digest a report from the American Petroleum Institute which said US stockpiles enhanced by nearly 3 million barrels. West Texas Intermediate crude sank pretty much as 1.7 %, to $36.67 per 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.
although Friday’s original jump higher in the futures markets will not be enough to prevent yet another week of losses for investors. All 3 leading indexes are actually on track 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 facility in investors’ brains.
Here is 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 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 included 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 company cruised to the first quarterly profit of its on the rear of increased spending on its bikes and treadmills during the COVID-19 pandemic. Oracle additionally posted a solid quarter of earnings growth, surpassing analyst expectations thanks to increased desire for the cloud services of its.
Oil extended its decline offered by Thursday as investors digested reports of depressed interest as a result of COVID 19 pandemic and of increased source from US oil producers. West Texas Intermediate crude sank almost as 1.7 %, to $36.67 a barrel. Brent crude, oil’s international standard, fell 1.7 %, to $39.38 a barrel, at intraday lows.