Tech leads way as market posts 4th winning month

NEW YORK — Big technology companies continue to steamroll through the pandemic, and strong gains for some of the market’s most influential companies Friday helped Wall Street close out its fourth straight winning month.

The S&P 500 rose 24.90 points, or 0.77%, to 3,271.12 after blowout profit reports from Apple and several other tech titans. The gains didn’t come easily, though, as the stock market flipped up and down through the day amid worries about the economy and whether Congress can find agreement on more aid.

The Dow Jones Industrial Average was down as much as 300 points before finishing the day up 114.67, or 0.44%, at 26,428.32. The Nasdaq composite jumped 157.64, or 1.5%, to 10,745.27 on the strength of tech stocks, which also accelerated in the last hour of trading.

Despite the gains, caution was clearly present across markets as the coronavirus pandemic continues to cloud the economy’s prospects. The 10-year Treasury yield touched its lowest level since it dropped to a record low in March. Gold also continued its record-setting run as investors searched for safety, while the majority of stocks in the S&P 500 sank.

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Among the laggards were companies that most need the economy to get back to normal and the pandemic to subside, including many in the travel industry.

Expedia Group slumped 4.6% after it reported weaker results for the latest quarter than Wall Street expected. The company’s chief executive officer, Peter Kern, called it “likely the worst quarter the travel industry has seen in modern history.”

Energy companies were also weak as the pandemic sucked away demand for oil. Chevron dropped 2.7% after it reported a worse loss for its latest quarter than Wall Street expected.

The economy cratered to its worst quarterly performance

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