US Stocks recover on bargain hunting

The US stocks closed mostly higher on Friday, 11 September 2020, with Dow and S&P500 indexes recovering a portion of Thursday's market sell-off, as investors chased for bottom fishing on heavily battered stocks. Meanwhile, buying was also supported by the Labor Department report showing consumer prices increased by slightly more than anticipated in the month of August.

At closing bell, the Dow Jones Industrial Average index inclined 131.06 points, or 0.48%, to 27,665.64. The S&P 500 index added 1.78 points, or 0.05%, to 3,340.97. The tech-heavy Nasdaq Composite Index fell 66.05 points, or 0.6%, to 10,853.54. The major averages all posted steep losses for the holiday-shortened week. The Nasdaq plunged by 4.1%, the S&P 500 tumbled by 2.5% and the Dow slumped by 1.7%.

 

Technology stocks spearheaded gains on Friday amid volatile trading as investors sized up better-than-expected earnings from Peloton and Oracle. Peloton surged on Friday after the fitness company cruised to its first quarterly profit on the back of increased spending on its bikes and treadmills during the COVID-19 pandemic.

ECONOMIC NEWS:- The Labor Department said its consumer price index climbed by 0.4% in August after advancing by 0.6% for two straight months. Excluding food and energy prices, core consumer prices still rose by 0.4% in August following a 0.6% increase in July.

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