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US stocks rebound on tech rally amid volatile trading

 

  • #US stocks climbed on Friday, recovering a part of Thursday’s market sell-off that was led by technologies stocks.
  • #Absent a good Friday rally, stocks are actually established to capture the first back-to-back week of theirs of losses since March, as soon as the COVID-19 pandemic was front and school in investors’ brains.
  • #Oil fell as investors went on to digest a report from the American Petroleum Institute that mentioned US stockpiles increased by about 3 million barrels. West Texas Intermediate crude sank almost as 1.7 %, to $36.67 a barrel.
  • # Bitcoin rose to 10K

US stocks climbed on Friday, helping to recover a portion of Thursday’s stock market sell-off that was led by technologies stocks.

Tech stocks spearheaded profits on Friday amid volatile trading as investors sized up better-than-expected earnings from Peloton as well as Oracle.

Though Friday’s initial jump higher in the futures markets will not be more than enough to prevent yet another week of losses for investors. All 3 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 school of investors’ brains.
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 35 % annualized growth, prompted by a stronger-than-expected August jobs report. The US included 1.37 million tasks in August, much more than an anticipated addition of 1.35 million jobs.

Economists surveyed by Bloomberg expect third-quarter GDP expansion of twenty one %.
Peloton surged on Friday after the fitness organization cruised to its first quarterly benefit on the back of increased spending on its bicycles and treadmills while in the COVID 19 pandemic. Oracle additionally posted a solid quarter of earnings growth, surpassing analyst expectations thanks to increased need for its cloud services.

Spot gold rose 0.3 %, to $1,952.22 per ounce. The precious metal has stayed in a narrow trading assortment of $1,900 to $2,000. Both the US dollar as well as Treasury yields traded flat on Friday.

Oil extended its decline from Thursday as investors digested reports of depressed interest due to the COVID 19 pandemic and of enhanced supply 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.

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