Weather Forecast for Sunday    Islamic Affairs Ministry Launches King's Program for Iftar in Senegal    China Reports 10 New COVID-19 Cases vs 14 A Day Earlier    Fish, fest and feast    Brazil Records 2,616 COVID-19 Deaths on Saturday, More Than 71,000 Cases    Japan's Total Number of COVID-19 Cases Top 500,000    L&T wins Green EPC order to establish one of world's largest solar PV plants by capacity    Permian oil output set to grow in Q2 as fracking reaches 12-month high    Saudia discusses preparations for resumption of international flights next month    KACND launches National Dialogue Award to promote tolerance, coexistence and cohesion    UAE joins Jordan's celebrations of 100 years since founding    IATA Renews International Accreditation of Saudi Academy of Civil Aviation    Alkhair Capital becomes first Saudi financial institute with offices in KAFD    MoH expands first dose appointments, postpones second dose until further notice    Imam Abdulrahman bin Faisal University Obtains ISO for Implementing Quality Management System    Critical COVID cases cross 900 as Saudi Arabia reports 878 new infections    The more you learn, the more you earn: Education and poverty alleviation in Thailand    Saudi Arabian Football Federation is Ready to Host AFC Champions League Groups    Three Bocellis and many instruments in a celebration of life at Hegra    President of Arab Parliament Values Saudi Arabia's Initiatives to Support Stability and Confront Iranian Interferences in the Region    KSrelief Launches Ramadan Food Baskets Distribution Project in Marib, Yemen    Top athletes praise Abu Dhabi jiu-jitsu event after thrilling final day    SFDA launches awareness campaign on dangers of doping    More than 7 million visitors to Maqra' Al-Haramayn    Arab Parliament Affirms Importance of Saudi Arabia's Security As Strategic Depth for Arabs    Aramco signs $12.4 billion investment deal with EIG EIG-led consortium to acquire 49% equity stake in Aramco Oil Pipelines Company    SFDA Launches Awareness Campaign on Dangers of Doping    Saudi Arabia Chairs Preparatory Meeting for World Telecommunication Development Conference    President of IsDB Meets with Chinese Ambassador to Saudi Arabia    Japanese doctors perform world's first living donor lung transplant to a Covid-19 patient    UAE athletes produce a performance for the ages with medals galore    Gary Player unveiled as newest Golf Saudi ambassador    Our dislikes and desires!    Long fingernails break Guinness World Records title before cut    King Salman Center for Disability Research Launches 2nd Edition of its Story Collection (Awareness)    Extreme E the 3rd World Race Organized by Saudi Arabia in 2021    Saudi Sports Company Signs Contract to Broadcast Major Competitions for Saudi National Teams, Clubs    Riyadh Light Witnesses Conclusion of External Artworks    Colored Triangles Decorate Conference Building, at King Abdullah Financial Center    Riyadh Light Turned the Capital into Lights' Aura    Vaccination does not invalidate fasting, says UAE Fatwa Council    It is high time to correct wrong concepts about women's status    Council of Senior Scholars: Muslim Brothers' Group Don't Represent Method of Islam, rather only Follows its Partisan Objectives, Violating our Graceful Religion    Court facilitates young woman's marriage after stripping father's guardianship    Bahrain's top Islamic body condemns attempts to insult Muslim symbols    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    Pilgrims Perform Dhuhr and Asr Prayers in Arafat Holy Site    Senior Scholars Council Issues Decision No. 246 Regarding Attendance of Friday Prayer and Prayers at Mosques in a Case of Spread of Epidemic or Fear of its Spread    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





Led by Tech, Wall Street Rebounds At End of Volatile Week
Published in Saudi Press Agency on 05 - 03 - 2021

Wall Street surged in volatile trading today, on Friday, with the Nasdaq rebounding at the end of a week that saw it extend losses to about 10% from its previous record high, Reuters reported.
All three main indexes bounced back from losses earlier in the day, with investors in recent sessions spooked by rising interest rates that offset optimism about an economic rebound.
Microsoft rallied 2.2%, boosting the S&P 500 more than any other stock, with gains in Intel, Alphabet and Oracle also lifting the index.
The benchmark 10-year U.S. Treasury yields hit a new one-year high of 1.626% after nonfarm payrolls increased by 379,000 jobs last month, blowing past a rise of 182,000 forecast by economists polled by Reuters.
Focus is also on a $1.9 trillion coronavirus aid bill as a sharply divided U.S. Senate began what was expected to be a long debate over a slew of amendments on how that money would be spent.
The Nasdaq was headed for its third straight weekly decline after a recent spike in Treasury yields dented demand for high-flying technology stocks.
Rising interest rates disproportionately hurt high-growth tech companies because investors value them based on earnings expected years into the future, and high interest rates hurt the value of future earnings more than the value of earnings made in the short term.
The tech-heavy Nasdaq is about 9% below its Feb. 12 closing high. This week, it has lost about 3%.
In afternoon trade, the Dow Jones Industrial Average was up 1.24% at 31,309.13 points, while the S&P 500 gained 1.22% to 3,814.35.
The Nasdaq Composite was up 0.76% to 12,820.07, bouncing back from a loss of over 2%.
The S&P 500 energy sector index jumped almost 3% to a year high as oil prices soared.
Oracle Corp jumped about 6% after Barclays upgraded the business software maker to "overweight" expecting improvement in the IT spending environment. Advancing issues outnumbered declining ones on the NYSE by a 1.48-to-1 ratio; on Nasdaq, a 1.07-to-1 ratio favored advancers.
The S&P 500 posted 40 new 52-week highs and no new lows; the Nasdaq Composite recorded 161 new highs and 132 new lows.


Clic here to read the story from its source.