Stocks – Markets Rally to Claw Back Early-Week Losses

© Reuters.

Investing.com – Stocks shot higher Thursday as China stabilized the value of the yuan and higher oil prices boosted energy stocks.

The big rally ended with the S&P 500 and the Nasdaq Composite Index recovering all of their losses in Monday’s drubbing. The Dow finished about 100 points under its Friday close, but it also enjoyed its second 300-point gain in three days.

The finished up 1.88%. The jumped more than 2.2%, and the added 1.43%.

The market was led by gains in technology and energy shares. But it was difficult to find losers.

All 30 stocks were higher, led by chemical manufacturer Dow Inc (NYSE:), Chevron (NYSE:), Microsoft (NASDAQ:) and Exxon Mobil (NYSE:).

Only four stocks in the Index were lower, with food giant Kraft Heinz (NASDAQ:) the loser, down 8.6%.

Advanced Micro Devices (NASDAQ:) was the leader after introducing its new powerful EPYC data-center chip. Twitter (NYSE:) and Alphabet’s (NASDAQ:) Google unit are already customers along with Microsoft (NASDAQ:), Cray (NASDAQ:), Dell Technologies (NYSE:) and VMware (NYSE:).

Lastly, just 20 stocks were lower.

Stocks may be pressured Friday by disappointing results from ride-sharing company Uber Technologies (NYSE:). Uber shares fell 4% after hours after reporting a $5.2 billion loss and a miss on revenue for the second quarter. Adjusted earnings of $4.72 a share were lower than the Investing.com estimate of a loss of $2.10, and revenue was $3.17 billion, compared with the estimate of 3.31 billion.

Any giddiness from the big gains on Tuesday and Thursday must also be seen in this context. The major averages hit record highs in mid-to-late July and were drifting lower even before President Donald Trump announced the U.S. would impose 10% tariffs on goods imported from China starting Sept. 1. Even with Thursday’s rally, the Dow, S&P 500 and

Read More Here...

Bookmark the permalink.