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© 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.
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