Apple and other technical stocks rode again to the Wall Street rescue on Friday, lifting the main indices more than 1%. Investors began buying dilapidated stocks after the Nasdaq entered corrective territory last week, and the S&P 500 briefly broke that barrier earlier this week.
Both the Dow and the S&P 500 posted their fourth straight weekly decline, the longest weekly losing streak since August 2019. However, the technically heavy Nasdaq closed higher for the week after falling the previous three.
Herbert Lash for Reuters:
Investors are looking at the long term and believe the technology is still the chosen investment, said Edward Moya, senior market analyst at OANDA in New York.
“It’s dip buying,” Moya said. “When you look at the correction we’ve seen in these technology giants, people will still want US stocks. The reality is that 2021 will be a much higher stock market, and you will probably see the technology still leading the way. “
Shares of tech mega-caps Apple Inc, Microsoft Corp and Amazon.com Inc led, followed by Facebook Inc and Nvidia Corp, up at least 2.2%.
Unofficially, the Dow Jones Industrial Average rose 360.42 points, or 1.34%, to 27,175.86, the S&P 500 gained 51.92 points, or 1.60%, to 3,298.51, and the Nasdaq Composite added 241.30 points, or 2.26%, to 10,913.56.
MacDailyNews Take: It’s always nice to see Apple’s stock price solid in the green price into the weekend.
Dear intern, do your duty! Prost, everyone!