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US stocks gain as tech shares bounce

Capital Market 

U.S. stock indexes closed higher after a choppy session Friday, as tech shares clawed back some of their big September declines.

The Dow Jones Industrial Average closed 358.52 points higher, or 1.3%, at 27,173.96. The S&P 500 climbed 1.6% to 3,298.46. The Nasdaq Composite popped 2.26% to 10,913.56.

Shares of Amazon rose 2.5% and Facebook gained 2.1%. Apple advanced 3.8% and Microsoft climbed 2.3%. Netflix closed 2.1% higher. Novavax shares jumped nearly 11% after the company said Thursday it has started a final-stage study of its experimental COVID-19 vaccine in the U.K.

Cruise operators also contributed to Friday's gains. Carnival Corp, Norwegian Cruise Line and Royal Caribbean were up 9.7%, 13.7% and 7.7%, respectively.

Meanwhile, House Democrats are reportedly preparing a $2.4 trillion relief package that they could vote on as soon as next week. The bill would include enhanced unemployment benefits and aid to airlines, but the overall price tag remains well above what Republican leaders have said they are willing to spend.

In economic reports, orders for durable goods rose 0.4% in August, the fourth straight gain but a more modest increase after three straight strong gains, the government said Friday. Orders were up a revised 11.7% in July and 7.7% in June.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Sat, September 26 2020. 14:03 IST
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