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US stocks rebound on tech rally amid volatile trading

  • #US stocks climbed on Friday, retrieving a portion of Thursday’s market sell off that was led by technology stocks.
  • #Absent a good Friday rally, stocks are actually established to capture the very first back-to-back week of theirs of losses since March, as soon as the COVID 19 pandemic was front and center in investors’ minds.
  • #Oil fell as investors continued to break down a report from the American Petroleum Institute which said US stockpiles enhanced by almost three 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 to recover a part of Thursday’s stock market sell off which was led by technology stocks.

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

although Friday’s initial jump higher in the futures markets won’t be enough to stop another week of losses for investors. All three major indexes are on course to record back-to-back weekly losses for the very first time since early March, once the COVID 19 pandemic was front and school in investors’ minds.
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 progression, prompted by a stronger-than-expected August jobs report. The US included 1.37 million projects in August, much more than an expected fact of 1.35 million jobs.

Economists surveyed by Bloomberg expect third-quarter GDP expansion of twenty one %.
Peloton surged on Friday after the fitness company cruised to the first quarterly benefit of its on the rear of increased spending on its cycles and treadmills while in the COVID-19 pandemic. Oracle also posted a strong 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 special metal has stayed to a narrow trading range of $1,900 to $2,000. Both the US dollar as well as Treasury yields traded flat on Friday.

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