Wall Street manages to end the week on a high note thanks to tech

The New York Stock Exchange, which had started the hesitant session, managed to end the week in the green for the first time in three weeks on Friday, driven by a return of the big names in tech.

The Dow Jones Industrial Average (DJIA) gained 1.34% to 27,173.96 points. The Nasdaq, with strong technological coloring, advanced 2.26% to 10,913.56 points and the broader S&P 500 index gained 1.60% to 3,298.48 points.

The day before, Wall Street had timidly ended up. The DJIA had advanced 0.20% and the Nasdaq 0.37%.

“The market which had been under pressure for some time was buoyed by the search for bargains on Friday,” said Art Hogan of National Holding Corporation.

The stocks ended “higher, supported by the technology sector which has tempered recent headwinds,” said analysts at Wells Fargo. “But concerns about the resurgence of coronavirus cases”, especially in Europe, “still cloud the market,” they continued.

In addition, the prospects for an agreement between Democrats and Republicans in the United States for a new fiscal stimulus “remain weak”, they warned.

Despite these concerns, the move on Wall Street, confirmed in the second part of the session, also reflected the fact that almost “the whole month of September was down, wiping out many of the excesses” accumulated since the rebound started in March, claimed Adam Sarhan of 50 Park Investment. This analyst believes that the market should continue its positive momentum as it approaches the end of the quarter.

The increase in titles Apple (+ 3.75%), Amazon (+ 2.49%), FaceBook (+ 2.12%), Microsoft (+ 2.28%) and Tesla (+ 5.04%) allowed Nasdaq to end the week with solid gains.

The shares of companies that are on the rise with social distancing have also jumped such as Zoom (teleconference), by 6.78%, or the manufacturer of connected exercise bikes, Peloton (+ 10.35%).

Boeing was boosted (+ 6.85% to 156.05 dollars) by the news of a possible return to service in Europe “by the end of the year” of the Boeing 737 MAX, grounded since March 2019 after two fatal accidents.

The titles of cruise passengers, under water since the onset of the epidemic, raised their heads, helped by recommendations from analysts. Carnival gained 9.7%, Norwegian Cruise Line 13.7% and Royal Caribbean 7.7%.

On the bond market, the 10-year rate on US debt fell to 0.6544%, from 0.6659% Thursday night.

vmt / day / bh


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