Stocks Bounce Back as Traders Look Past Noisy Data
Stocks staged a rebound as Wall Street traders looked beyond distorted economic data to focus on the strength of Corporate America.
Equities halted a two-day rout, with the S&P 500 up about 1% amid a string of solid signals from industry bellwethers. Tech megacaps, which bore the brunt of the recent selling, led gains on Friday. Amazon.com Inc. surged 7% on strong results. Intel Corp. rallied 9% on a bullish outlook. Boeing Co. rose 4% after reaching a tentative agreement with union leaders to end a strike. Apple Inc. fell 1.5% after a tepid forecast.
Investors also waded through economic data that showed the impacts of severe hurricanes and a major strike. US manufacturing activity shrank in October for a seventh month to the lowest reading since July 2023. Nonfarm payrolls increased 12,000 last month, following a downward revision to the prior two months. The unemployment rate held at 4.1% and hourly earnings remained firm.
The S&P 500 rose 1% as of 11:41 a.m. New York time
The Nasdaq 100 rose 1.2%
The Dow Jones Industrial Average rose 1.3%
Source : Bloomberg
