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US stocks rebound on tech rally amid volatile trading

 

  • #US stocks climbed on Friday, recovering a percentage of Thursday’s market sell off which was led by technological know-how stocks.
  • #Absent a solid Friday rally, stocks are established to capture their first back-to-back week of losses since March, once the COVID-19 pandemic was forward and facility in investors’ minds.
  • #Oil fell as investors went on to break down an article from the American Petroleum Institute which stated US stockpiles increased by almost three 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 recovering a part of Thursday’s stock market sell off that was led by technological know-how stocks.

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

however, Friday’s original jump higher in the futures markets won’t be enough to prevent another week of losses for investors. All three main indexes are on track to capture back-to-back weekly losses for the first time since early March, when the COVID 19 pandemic was forward and club in investors’ brains.
Here is 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 the third-quarter GDP forecast of its on Thursday to thirty five % annualized growth, prompted by a stronger-than-expected August jobs report. The US put in 1.37 million jobs in August, much more than an anticipated fact of 1.35 million jobs.

Economists surveyed by Bloomberg expect to see third-quarter GDP expansion of 21 %.
Peloton surged on Friday after the health company cruised to its first quarterly profit on the rear of increased spending on its treadmills and cycles while in the COVID 19 pandemic. Oracle additionally posted a good 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 prized metal has stayed to a narrow trading range of $1,900 to $2,000. Both the US dollar and Treasury yields traded level on Friday.

Oil extended the decline of its from Thursday as investors digested accounts of depressed need due to the COVID-19 pandemic and of enhanced source from US oil producers. West Texas Intermediate crude sank as much as 1.7 %, to $36.67 a barrel. Brent crude, oil’s international standard format, fell 1.7 %, to $39.38 a barrel, at intraday lows.