(Reuters) – Wall Street ended abruptly after a volatile session on Friday, with the Nasdaq rebounding at the end of a week that saw it spread losses by around 10% over its previous record high.
The top three indices bounced back from early-day losses, with investors in recent sessions terrified by rising interest rates that offset optimism about an economic rebound.
Microsoft rose 2.15%, raising the S&P 500 more than any other stock, with gains in Alphabet, Apple and Oracle also raised the index.
The 10-year US Treasury benchmark yields reached a new one-year high of 1.626% after last month non-farm payrolls rose 379,000 jobs, surpassing an 182,000 increase forecast by economists polled by Reuters.
The focus is also on a $ 1.9 trillion coronavirus aid bill, as the heavily divided U.S. Senate began what was expected to be a lengthy debate over a series of amendments on how this money would be spent.
The Nasdaq recorded its third consecutive weekly decline after a recent Treasury rise yielded demand for high-tech stocks.
Rising interest rates disproportionately hurt high-tech companies because investors value them based on projected future profits, and high interest rates hurt the value of future profits more than the value of future profits. short-term gains.
The high-tech Nasdaq is about 8% below its February 12 high.
Jake Dollarhide, CEO of Longbow Asset Management in Tulsa, Oklahoma, said his company has in recent days bought shares of a handful of growing companies whose prices have been affected by the recent sale .
“Next week, I would expect volatility to continue, with opportunities, with certain things that were potentially sold in the recovery,” Dollarhide said.
The Dow Jones Industrial Average rose 1.85% to 31,496.3 points, while the S&P 500 gained 1.95% to 3,841.94.
The Nasdaq Composite rose 1.55% to 12,920.15.
In a busy session, the volume of US stock markets was 17.4 billion shares, compared to the average of 15.3 billion in the full session of the last 20 trading days.
During the week, the S&P 500 rose 0.8%, the Dow added 1.8% and the Nasdaq lost 2.1%.
At Friday’s session, the S&P 500 energy sector index rose 3.9% to a one-year high as oil prices soared. [O/R]
Oracle Corp jumped more than 6% after Barclays upgraded the enterprise software maker to “overweight,” expecting an improvement in the IT spending environment.
Advanced issues outperformed the decline on the NYSE by a ratio of 2.86 to 1; on the Nasdaq, a ratio of 2.12 to 1 favored the forwards.
The S&P 500 recorded 55 new highs of 52 weeks and no new lows; the Nasdaq Composite recorded 225 new highs and 134 new lows.
Reports of Shashank Nayar and Medha Singh to Bengaluru; Edited by Aurora Ellis