Wall St ends higher thanks to tech boost

Daniel Fowler
September 26, 2020

Wall Street's main indexes rose on Friday, led by technology-related stocks, but were still on track for their longest weekly losing streak in a year as fears about the coronavirus' impact on the economy dented investor sentiment.

Five of the 11 major S&P indexes fell in early trading, with a 0.7% drop for energy stocks putting them on course for one of their worst weeks since the coronavirus-driven crash in March. The S&P 500 still ended the week with a 0.6% loss for its first four-week losing streak in more than a year.

Shares of tech mega-caps including Facebook Inc FB.O , Alphabet Inc GOOGL.O , Amazon.com Inc AMZN.O , Apple Inc AAPL.O and Netflix Inc NFLX.O , which are perceived as relatively safe assets at a time of economic uncertainty, climbed between 0.4% and 1.9%.

US stocks rose slightly on Friday as tech shares recovered some of their losses for the month.

The information technology index .SPLRCT jumped 2.4% as investors ditched value-linked stocks .IVX on signs of a slowdown in the broader economic recovery.

Growth-oriented shares gained at a rate nearly twice that of value stocks.

Volatility .VIX has also shot up as investors looked for clarity on more Congressional stimulus ahead of the November 3 presidential election.

The CBOE Market Volatility Index .VIX , known as Wall's fear gauge, fell 7.68%.

22 die in Ukraine military plane crash
President of Ukraine Volodymyr Zelenskyy will visit the Kharkiv region in connection with the tragedy on Saturday, September 26. The press service said that a state commission has been set up to find out the circumstances and causes to this catastrophe.

Declining issues outnumbered advancing ones on the NYSE by a 1.08-to-1 ratio; on Nasdaq, a 1.36-to-1 ratio favored decliners.

Dow constituents, considered a barometer of economic confidence, lagged the S&P 500 as data showed 870,000 Americans applied for jobless benefits in the week ended September 19, up from 866,000 in the previous week. The S&P 500 .SPX gained 51.87 points, or 1.60%, to 3,298.46 and the Nasdaq Composite .IXIC added 241.30 points, or 2.26%, to 10,913.56.

At 10:07 a.m. ET, the Dow Jones Industrial Average was down 39.09 points, or 0.15%, at 26,776.35, and the S&P 500 was down 1.50 points, or 0.05%, at 3,245.09.

Costco Wholesale Corp fell 1.9% as the warehouse chain recorded high coronavirus-related costs for the second straight quarter.

The number of coronavirus cases in the USA topped 7 million, as Midwest states reported spikes in COVID-19 infections in September, according to a Reuters tally.

Ten of 11 S&P 500 sectors closed higher today.

The Nasdaq rose 120.28 points, or 1.1%.

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