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US stocks rebound on tech rally amid volatile trading

 

  • #US stocks climbed on Friday, recouping a part of Thursday’s market sell-off that was led by technology stocks.
  • #Absent a solid 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 front side and center in investors’ thoughts.
  • #Oil fell as investors continued to break down a report from the American Petroleum Institute that mentioned US stockpiles increased by about 3 million barrels. West Texas Intermediate crude sank as much as 1.7 %, to $36.67 per barrel.
  • # Bitcoin rose to 10K

US stocks climbed on Friday, helping recovering a part of Thursday’s stock market sell off that had been led by technological know-how stocks.

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

although Friday’s initial jump higher in the futures markets will not be enough to stop yet another week of losses for investors. All three main indexes are actually on track to capture back-to-back weekly losses for the first time since early March, once the COVID 19 pandemic was forward and center of investors’ thoughts.
Here is where 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 thirty five % annualized progress, prompted by a stronger-than-expected August jobs report. The US added 1.37 million jobs in August, much more than an anticipated fact of 1.35 million jobs.

Economists surveyed by Bloomberg count on third quarter GDP development of twenty one %.
Peloton surged on Friday after the health company cruised to its very first quarterly benefit on the backside of increased spending on its treadmills and bicycles during the COVID 19 pandemic. Oracle also posted a solid quarter of earnings growth, surpassing analyst expectations because of increased demand for its cloud services.

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

Oil extended the decline of its offered by Thursday as investors digested reports of depressed need because of the COVID-19 pandemic and of improved source from US oil producers. West Texas Intermediate crude sank almost as 1.7 %, to $36.67 per barrel. Brent crude, oil’s international image standard, fell 1.7 %, to $39.38 a barrel, at intraday lows.

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