- #US stocks climbed on Friday, recovering a percentage of Thursday’s market sell off which was led by technological know-how stocks.
- #Absent a strong Friday rally, stocks are set to record their first back-to-back week of losses since March, once the COVID 19 pandemic was forward and facility in investors’ thoughts.
- #Oil fell as investors went on to break down an article from the American Petroleum Institute which said US stockpiles improved by about 3 million barrels. West Texas Intermediate crude sank as much as 1.7 %, to $36.67 a barrel.
- # Bitcoin rose to 10K
Tech stocks spearheaded profits on Friday amid volatile trading as investors sized up better-than-expected earnings from Oracle and Peloton.
But Friday’s original jump higher in the futures markets will not be enough to prevent yet another week of losses for investors. All three main indexes are on track to record back-to-back weekly losses for the very first time since early March, when the COVID-19 pandemic was forward and club in investors’ minds.
Here is the place 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 growth, prompted by a stronger-than-expected August jobs report. The US included 1.37 million jobs in August, much more than an anticipated inclusion 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 the first quarterly profit of its on the back of increased spending on its bikes and treadmills while in the COVID-19 pandemic. Oracle also posted a strong quarter of earnings growth, surpassing analyst expectations because of increased need for the cloud services of its.
Oil extended the decline of its offered by Thursday as investors digested stories of depressed need as a result of COVID 19 pandemic and of enhanced source from US oil producers. West Texas Intermediate crude sank as much as 1.7 %, to $36.67 per barrel. Brent crude, oil’s international image standard, fell 1.7 %, to $39.38 per barrel, at intraday lows.