US stocks rose on Friday on the back of rising tech stocks.
The Dow Jones Industrial Average rose 358.52 points (1.34%) to 27173.96 points.
Standard & Poor's 500 added 51.87 points (1.6%) to 3298.46 points.
The Nasdaq Composite rose by 241.3 points (2.26%) – up to 10913.56 points.
Moreover, the indicators Dow Jones and S&P for the first time since August 2019 showed the fourth consecutive weekly decline, writes Trading Economics. The Dow Jones and S&P lost 1.8% and 0.6% over the week, respectively, while the Nasdaq rose 1.1%.
The pressure on the market continues to be exerted by news about the spread of the coronavirus in the world.
Meanwhile, the chairman of the Federal Reserve Bank (FRB) of St. Louis, James Ballard, did not rule out the recovery of the US economy to pre-crisis levels this year. “For this to happen, real GDP must grow 35% at an annual rate in the third quarter and about 10.3% at an annual rate in the fourth quarter,” he said Thursday at the Global Interdependence Center (GIC) webinar. …
In addition, a few days earlier, Ballard said on Bloomberg Television that the US economic recovery will continue even if Congress does not take new support measures.
Statistics released on Friday showed that US durable goods orders rose 0.4% in August from the previous month, continuing to recover from sharp declines in March and April. In July, according to revised data, the figure jumped 11.7%. Analysts polled by Trading Economics predicted an average growth of 1.5% in August.
Tech stocks went up on Friday. Facebook Inc (NASDAQ: FB) stock price. increased by 2.1%, Alphabet (NASDAQ: GOOGL) Inc. – by 1.1%, Microsoft Corp (NASDAQ: MSFT). – by 2.3%, Apple Inc. (NASDAQ: AAPL) – up 3.8%.
Netflix Inc (NASDAQ: NFLX) stock quote. rose 2.1%, Tesla Inc. – by 5%.
Cruise operators' securities also rose. Carnival Corp (LON: CCL) shares. rose 9.7%, Norwegian Cruise Line Holdings Ltd. – by 13.7%, Royal Caribbean Group – by 7.7%.
Novavax Inc. Quotes increased by 10.9%. The American company is embarking on the final stages of clinical trials of a potential vaccine against the COVID-19 coronavirus in the UK amid a surge in infections, British media reported.
Costco Wholesale Corp (NASDAQ: COST) shares. fell in price by 1.3%, despite the fact that the operator of stores and warehouses in the fourth financial quarter increased revenue by 12.5% – to $ 53.4 billion. Analysts on average expected the figure at $ 52.1 billion.
Harley-Davidson Inc (NYSE: HOG). lost 1.4% in price. The American company announced its withdrawal from the Indian market – the world's largest motorcycle market.