Wall Street manages to end the week on a high note thanks to technology

(New York, Toronto) The New York Stock Exchange, which had started the hesitant session, managed to end the week in the green for the first time in three weeks on Friday, driven by a return of the big names in technology.

Agence France-Presse, The Canadian Press

The Dow Jones Industrial Average (DJIA) rose 1.34% to 27,173.96 points. The tech-heavy NASDAQ advanced 2.26% to 10,913.56 points and the broader S&P 500 index gained 1.60% to 3,298.48 points.

The Toronto Stock Exchange closed higher on Friday, supported in particular by the information technology and utilities sector.

Toronto’s S & P / TSX Composite Index gained 153.09 points to end the session with 16,065.35 points.

In the currency market, the Canadian dollar traded at an average rate of 74.65 cents US, down from its average rate of 74.77 cents US the previous day.

The day before, Wall Street had timidly finished up. The DJIA advanced 0.20% and the NASDAQ 0.37%.

“The market which had been under pressure for some time was buoyed by bargain hunting on Friday,” said Art Hogan of National Holding Corporation.

The shares ended “higher, supported by the technology sector which has tempered recent headwinds,” said analysts at Wells Fargo. “But concerns about the resurgence of coronavirus cases”, especially in Europe, “still darken the market,” they continued.

In addition, the prospects for an agreement between Democrats and Republicans in the United States for a new fiscal stimulus “remain weak”, they warned.

Despite these concerns, the movement of Wall Street, confirmed in the second part of the session, also reflected the fact that almost “the whole month of September was down, wiping out a lot of the excesses” accumulated since the rebound started in March, a claimed Adam Sarhan of 50 Park Investment. This analyst believes that the market should continue its positive momentum as it approaches the end of the quarter.

The increase in titles Apple (+ 3.75%), Amazon (+ 2.49%), Facebook (+ 2.12%), Microsoft (+ 2.28%) and Tesla (+ 5.04%) allowed NASDAQ to end the week with solid gains.

The shares of companies that are on the rise with social distancing have also jumped such as Zoom (teleconference), by 6.78%, or even the manufacturer of connected exercise bikes, Peloton (+ 10.35%).

Boeing was spiked (+ 6.85% to 156.05 dollars) by the news of a possible return to service in Europe “by the end of the year” of the Boeing 737 MAX, grounded since March 2019 after two fatal accidents.

The titles of cruise passengers, under water since the onset of the epidemic, have raised their heads, helped by recommendations from analysts. Carnival gained 9.7%, Norwegian Cruise Line 13.7% and Royal Caribbean 7.7%.

On the bond market, the 10-year rate on US debt fell to 0.6544%, against 0.6659% Thursday night.


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