Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Stocks - Dow Snaps Two-Week Rally Despite Strong End to Week on Tech

Stock Markets Apr 24, 2020 04:19PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Yasin Ebrahim 

Investing.com – The Dow snapped a two-week winning streak despite closing higher on Friday, led by a Facebook-infused rally in tech stocks ahead of major tech earnings due next week.

The Dow Jones Industrial Average rose 1.11%, the S&P 500 rose 1.39%, while the Nasdaq Composite gained 1.65%.

Facebook (NASDAQ:FB) closed 2.7% higher after rolling out a group video chat feature called Messenger Rooms as the social media giant looks to cash in on the ramp-up in demand for video conferences amid lockdown measures.

Zoom Video Communications (NASDAQ:ZM) reversed gains to end down 6%.

With major tech earnings hitting the tape next week, Alphabet (NASDAQ:GOOGL), Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN) also ended higher.

Chip stocks also played a role in the rally, as Intel (NASDAQ:INTC) cuts its losses, rising 0.3%.

Intel reported earnings that topped estimates, but the chipmaker pulled its guidance, stoking concerns its future growth is more likely to ease rather than accelerate.

The surge in tech stocks, however, was unable to prevent the broader market from falling to its first weekly loss in three weeks following declines earlier in the week amid a historical plunge in oil prices.

Oil prices settled 2.7% higher, though still ended the week 7% lower after settling in negative for the first time ever on Monday.

Adding to the surge in jobless claims earlier this week, a slump in U.S. durable goods orders provided further evidence the economic downturn will likely be severe.

U.S. durable goods orders fell by 14.4% last month, the biggest slide since 2014, led by waning demand for big-ticket items such as cars and a slump in orders for Boeing (NYSE:BA) passenger planes.

The weaker-than-expected data come just as President Donald Trump signed the $484 billion coronavirus stimulus package into law to ease the Covid-19 hit to the economy at a time when some states are set to reopen.

But with worries over the pandemic still running high, some of the biggest companies are wary of opening for business, with Macy’s (NYSE:M), Gap (NYSE:GPS), and TGI Fridays choosing to remain shuttered in states such as Georgia and South Carolina.

Stocks - Dow Snaps Two-Week Rally Despite Strong End to Week on Tech
 

Related Articles

Wall St opens higher as inflation fears ease
Wall St opens higher as inflation fears ease By Reuters - Jun 27, 2022 11

(Reuters) - Wall Street's main indexes opened higher on Monday after a slide in commodity prices allayed concerns on inflation and raised expectations of the Federal Reserve...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (4)
Brandon Son
Brandon Son Apr 25, 2020 11:43AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
its an artifical market. controlled by the printing press
John Casablancas
John Casablancas Apr 24, 2020 9:15PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
sp500 @ 3K in 2 weeks
Eda Mucha
Eda Mucha Apr 24, 2020 9:15PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
why? us economy is about to fall down bad this soon
Lysander Kutsara
Lysander Kutsara Apr 24, 2020 5:34PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
So, if we finish up for the day, it's all about the downside for the week. Disgusting attitude.
Lysander Kutsara
Lysander Kutsara Apr 24, 2020 5:34PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Mike Thompson   If you have FB in your portfolio, that's a good thing.  They're simply doing what they should for their shareholders. The problem is state governments becoming intoxicated with power with no regard for the victims they create, which exceed the number of victims they claim to prevent.
Jeremy Glasser
Jeremy Glasser Apr 24, 2020 5:34PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
While it is presumably true that the Government's action on what a Free People and a Free Market should resolve - the obvious fact is that neither is the case.I'd say if you only want to read Bull ***and rainbows - maybe WSB can help you.The downside is an honest take for what is obviously an outright manipulation of the economy. Wealthy people hit a ceiling, and wanted in lower... (need free money to preserve the principle so you can live off the Interest) and also wanted more money to put in... with value of the Dollar against other fake money being totally subjective... MOAR USD = MOAR RICHER.But in any case... #BUYCALLS: Whether from a return to inflated Stonk prices due to a fantastic evonomy... Or through hyperinflation and a Depression the story is the same: #STONKS ONLY GO UP. 🐂💯🚀
Lysander Kutsara
Lysander Kutsara Apr 24, 2020 5:34PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Jeremy Glasser Offering a "true" premise, followed by a retraction via support for an unsupported "obvious" with a later injection of a hypothetical anecdotal is not a logical argument.  I suppose you should be credited for stating the obvious that (all) governments manipulate their economies, but we already knew that.
Fairway TradeUS
Fairway TradeUS Apr 24, 2020 4:39PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
We are selling Puts for the funds and are letting our clients know thats what we believe is the proper reaction to the sideways moving marketRed is likely coming bigtime
Gershom Zvi
Gershom Zvi Apr 24, 2020 4:39PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
A big red follows a big green snd oposite
Jedrek Zak
Jedrek Zak Apr 24, 2020 4:39PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
isn't selling puts a bullish move?
Alexander Patras
Alexander Patras Apr 24, 2020 4:39PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Not really. Its market neutral. Options are good income in sideways times. Its a bit counter intuitive but selling puts is slightly bearish especially if you are selling one ATM.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email