How major U.S. stock indexes fared Friday

Provided by CNBC Procter & Gamble Tide Pods brand laundry detergent

The S&P 500 is up 55.49 points, or 1.7%. Treasury yields also sank, a sign of increased pessimism about the economy.

The Dow Jones Industrial Average was down 28 points, or 0.1%, at 26,285, as of 10 a.m.

Despite the steadiness for indexes, caution was still clearly present across markets as the coronavirus pandemic continues to cloud the economy's prospects, along with gridlock in Congress that's holding up more aid for it.

The tech-heavy Nasdaq Composite gained 153.66 points, or 1.45 percent, to 10,741.47 at the opening bell.

Stronger-than-expected profit reports from UPS and other companies helped the market trim its losses through the day.

Nasdaq Composite gains more than 1% on rising tech shares. The country has sunk into recession.

Thursday however, the figures confirmed highlighted U.S. GDP sharp contraction in the second quarter.

Markets worldwide had already turned lower before those data releases dropped.

Thursday was the busiest day for profit reports among S&P 500 companies within the busiest week this earnings season.

United States stocks finished higher on Friday, fueled by strong earnings reports from big tech names.

The S&P 500 was 0.1% higher after the first half hour of trading, on track to close out its fourth straight winning month.

MGM Resorts fell 5.1%, and Norwegian Cruise Line lost 3.4%.

Expedia Group slumped 8.1% for the largest loss in the S&P 500 after it reported even weaker quarterly results than Wall Street expected.

Wall Street's main indexes jumped at the open on Friday, with Apple and Facebook hitting a record high as stunning quarterly reports from some of the biggest US tech firms helped keep nagging pandemic nerves at bay. Apple also announced a 4-for-1 stock split.

Without the trio, the S&P 500 would have been down about half a percent in morning trading. Amazon is up more than 65%.

The four companies are among the top five in market capitalization, representing about 20 percent of the S&P 500's total.

Investors betting on more USA government stimulus, before an extra $600-per-week federal jobless benefit expires on Friday, have also been disappointed as the Senate adjourned for the weekend and will return on Monday. There were 1.4 million applicants for unemployment benefits. That's up by 12,000 from a week earlier.

The US central bank on Wednesday kept its benchmark interest rate unchanged at the record-low level of near zero amid a resurgence in COVID-19 cases nationwide.

But the S&P gained ground as the day wore on and closed well above its session low, which was reached at 10am local time.

"The ongoing public health crisis will weigh heavily on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term", the Fed said in a statement after concluding a two-day policy meeting, adding it made a decision to maintain the target range for the federal funds rate at 0-0.25 per cent.

Related:

Comments


Other news