Wall Street gains on Big Tech boost; Apple, Facebook hit record high

  • Wall Street gains on Big Tech boost; Apple, Facebook hit record high

Wall Street gains on Big Tech boost; Apple, Facebook hit record high

Declining issues outnumbered advancers for a 2.66-to-1 ratio on the NYSE and a 3.04-to-1 ratio on the Nasdaq. Treasury yields also sank, a sign of increased pessimism about the economy.

But the index erased most of an earlier of loss of 1.7%. Eastern time, and the big gains for tech stocks had the Nasdaq composite up 0.8%.

Inc jumped 6.2% after posting the biggest profit in its 26-year history, while Facebook Inc gained 6.7% as it reported better-than-expected revenue. So did steadying prices for Amazon and other big tech-oriented stocks, which reported their own results after the day's trading ended.

New York, Aug 2 (SocialNews.XYZ) Wall Street's major averages posted mixed results in the week as investors digested the US Federal Reserve's latest policy statement and a slew of grim economic data.

The jumbled trading came after a report showed that layoffs are continuing at their stubborn pace across the country, denting hopes that the economy can recover almost as quickly as it plummeted into recession.

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

The S&P 500 rose 0.8% following blowout profit reports from Apple and several other tech titans.

Still, the S&P notched its fourth weekly gain in the past five and fourth straight month of gains, with lift from massive fiscal and monetary stimulus measures to buttress the US economy during the pandemic. JPMorgan Chase fell 2.7% and Citigroup lost 3.1%.

The S&P index recorded 25 new 52-week highs and no new low, while the Nasdaq recorded 85 new highs and 14 new lows. It benefited from more people getting deliveries at home amid the pandemic.

Strong quarterly earnings' result from a swathe of United States tech firms alongside a weaker American currency continued to spearhead the Wall Street on Friday, while the benchmark Standard & Poor 500, the scintillating home to NYSE's sparkling corporates, had registered its fourth straight month of percentage gain, nonetheless, European stocks had wrapped up the day broadly lower following reveal of a basket of cataclysmic eurozone GDP data. Apple also announced a 4-for-1 stock split.

The S&P 500 is up 15.44 points, 0.5%. Amazon is up more than 65%. Gold also briefly rose above $2,000 per ounce for the first time, while almost three out of four stocks in the S&P 500 were lower.

Investors also anxious about the expiration of enhanced employment benefits on Friday as US Congress was no closer to a deal on Thursday to extend or replace the extra $US600-per-week in payments to tens of millions thrown out of work by the coronavirus. There were 1.4 million applicants for unemployment benefits. It tends to move with investors' expectations for the economy and inflation.

Benchmark U.S. crude rose 0.6% to $40.16 per barrel. Brent crude, the global standard, fell 81 cents to $42.94 a barrel. Alphabet, however, dropped 3.28%. Stocks in Shanghai slipped 0.2%.