(Reuters) – 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.
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 tend to outperform during economic uncertainty, climbed between 0.5% and 2.3%.
The information technology index .SPLRCT jumped another 1.4% as investors ditched value-linked stocks .IVX on signs of a slowdown in the broader economic recovery.
(Reuters) – Wall Street rallied in a rocky session on Thursday as beaten-down technology shares gained favor after data showing a surge in the sale of new homes revived faith in the economic recovery even as U.S. jobless claims rose unexpectedly.
Stocks also reacted positively to news of efforts to enact further stimulus in Washington, helping lift the S&P to a session high, although the index then turned negative before retracing some gains.
Apple Inc AAPL.O, Amazon.com Inc AMZN.O, Nvidia Corp NVDA.O and Facebook Inc .FB.O, stocks that have outperformed at a time of increased economic uncertainty, all rose.
The wild session indicated caution was in store, said Dennis Dick, a trader at Bright Trading LLC, who warned market sentiment that drove momentum has sharply changed.
“Fear of missing out has turned into to fear of losing actual money,” Dick said. “This is a shakeout of all
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Sept 24 (Reuters) – Wall Street rallied in a rocky session on Thursday as beaten-down technology shares gained favor after data showing a surge in the sale of new homes revived faith in the economic recovery even as U.S. jobless claims rose unexpectedly.
Apple Inc, Amazon.com Inc, Nvidia Corp and Facebook Inc, stocks that have outperformed at a time of increased economic uncertainty, all rose.
“Investors are going to be needing stocks that can weather a lower growth path because if we don’t get another round of fiscal stimulus, there’s not going to be a lot more we can do to continue boosting the economic recovery,” said Max Gokhman, capital markets strategist at
Wall Street’s sell-off resumed on Wednesday as a drop in the shares of large technology companies dragged stocks to their fifth decline in the last six sessions.
The S&P 500 fell more than 2 percent while the tech-heavy Nasdaq composite dropped 3 percent.
Apple, Microsoft, Alphabet and Amazon were all sharply lower. The tech giants had led a recovery in markets this year, lifting the S&P 500 to a record high early this month.
But stocks have been retreating since that Sept. 2 peak, as investors rotated out of the high-flying tech shares and concerns grew about the state of the economy. A key worry has been Washington’s inability to reach a deal on a new economic aid package, and the gridlock between Democrats and Republicans has only worsened since the death of Justice Ruth Bader Ginsburg last week.
SINGAPORE/NEW YORK (Reuters) – Asia’s stock markets struggled to emulate Wall Street’s rebound on Wednesday as persistent worries about the global economic recovery kept investors cautious, while ebbing inflation expectations helped the U.S. dollar to a two-month high.
MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was steady after two days of declines, but the mood was hardly bullish.
Japan’s Nikkei .N225 returned from a two-day holiday to drop 0.6%. Markets in Shanghai .SSEC and Hong Kong .HSI opened flat, the ASX 200 <.AXJO rose 1.6% and South Korea’s Kospi .KS11 fell 0.8% on a jump in coronavirus infections.
“I think that reflects a lingering caution. The pandemic is still a concern…non-tech stocks are still weighed down by COVID-19,” said Bank of Singapore analyst Moh Siong Sim.
Foreign exchange markets best reflected those worries and a strong dollar kept Asia’s currencies on the back