Apple and Microsoft lead indices higher
Gains from Apple and Microsoft helped take U.S. indices into the green on Friday, after experiencing declines all week.
The S&P 500 was on the brink of extending its longest losing streak in a year as fears concerning the economy still dominated the benchmark index. However, in keeping with the sentiment of the last few months, it was gains from the big tech companies that helped lead the rebound.
Apple rose close to 2.3%, with Microsoft gaining 1.7%. Shares of Amazon rose 1.1% and Facebook gained 0.6% in mid-day trading.
U.S. Durable Goods orders rise once again
The release of the US Durable Goods report boosted the Dollar, as orders for core goods rose by 0.4% in August, which is the fourth straight gain since the declines during the height of the COVID-19 outbreak.
Although demand for goods continues to increase, figures have slowed after three consecutive months of strong gains, and markets had forecasted a 1.5% increase in August.
The Dow Jones traded 0.4% higher. The S&P 500 and NASDAQ were up 0.6% and 1.2% respectively.
Rough week for European stocks
Although the tech titans rescued U.S. indices on Friday, it wasn’t the same in Europe as stocks fell, continuing on course for their worst weekly showing in over three months.
These declines come as a surge in COVID-19 cases have led to new restrictions on the continent raising concerns about the pace of economic recovery.
As of writing the DAX was down, 1.09%, CAC 40 had traded 0.69% lower and the MIB in Italy was down 1.10% despite data showing that both Business and Consumer Confidence was on the rise, coming in at readings of 92.1 and 103.4 respectively.
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Senior Market Analyst