USA stocks close higher on solid rise of tech sector_china

USA stocks close higher on solid rise of tech sector_china

The Nasdaq closed higher for the week after falling the previous three.

The S&P 500 is up a bit more than 2.0 per cent for the year. "When you look at the correction that we've seen in these tech giants, people are still going to want to hold USA equities". The moves on the day highlight a volatile period for stocks as investors fret about the lack of further stimulus from Washington to help out-of-work Americans during the COVID-19 crisis, viewed as a key pillar to helping equities take another leg higher from the financial and public health crisis that reached a peak for the stock market in March.

The Nasdaq Composite Index jumped 2.3 per cent to 10,913.56, as indices shook off early weakness.

Growth-oriented shares gained at a rate nearly twice that of value stocks. Rising cases of coronavirus and a looming 2020 presidential election also contributed to the turbulence.

By 17:32 Moscow time, the Dow Jones index fell by 0.03% to 26.807.71 points, the S&P 500 index added 0.1% to 3.249.82 points.

The value of new orders with durable goods only expanded 0.4 percent in August, lower than market expectation of 1.5 percent and sharp growth of 11.7 percent in July, according to data issued by the Department of Commerce on Friday morning.

Cruise liners Royal Caribbean Cruises Ltd, Norwegian Cruise Line and Carnival Corp jumped after Barclays upgraded their shares to "overweight".

Another big victor was Boeing, which surged 6.9 per cent after Europe's aviation regulator said the long-grounded 737 Max could be cleared to resume service by the end of the year.

Retailer Costco Wholesale Corp (NASDAQ: COST) dropped 3.1% after the company reported high spending on the coronavirus.

Novavax Inc jumped 9.8 per cent after the drugmaker launched a late-stage trial of its experimental COVID-19 vaccine in the UK.

The number of coronavirus cases in the USA topped 7 million, as Midwest states reported spikes in COVID-19 infections in September, according to a Reuters tally.

Advancing issues almost matched decliners on the NYSE and outnumbered them 1.68-to-1 on the Nasdaq.

The S&P 500 may close in the red for the fourth straight week, which has not been seen since August 2019.

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