US Stocks Rally on Friday, But Book Weekly Losses
Stocks in the US closed sharply higher on Friday, kicking off November with gains as strong earnings from Amazon and Intel bolstered market sentiment, allowing traders to overlook a disappointing jobs report.
The S&P 500 and Nasdaq rose 0.4% and 0.8%, respectively, while the Dow Jones gained 288 points. Amazon surged 6.2% fueled by growth in cloud and advertising, and Intel rose 7.8% on positive revenue and guidance. Boeing gained 3.5% after a tentative union agreement, Chevron rose 2.8% on an earnings beat, and Microsoft booked gains after earlier post-earnings slumps, while Apple slipped 1.3% on lukewarm guidance.
However, the U.S. jobs report showed only 12K jobs added in October, far below expectations, with analysts attributing the weak data to hurricane disruptions and a Boeing strike. Investors also looked forward to the Fed’s upcoming policy meeting and the U.S. presidential election, both expected to add volatility next week. On the week, all the three indices fell.
Source : Trading Economics
