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Tech shares lead as US stocks end week on positive note

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Despite lackluster economic data, Wall Street stocks posted their best session of the week on Friday, with tech shares leading the market higher.

[NEW YORK] Despite lackluster economic data, Wall Street stocks posted their best session of the week on Friday, with tech shares leading the market higher.

The Nasdaq Composite Index jumped 2.3 per cent to 10,913.56, as indices shook off early weakness.

The Dow Jones Industrial Average finished up 1.3 per cent at 27,173.96, while the broad-based S&P 500 gained 1.6 per cent to 3,298.46.

"The market has been under pressure for a while and is just catching a bit of a bargain-hunting Friday," said Art Hogan, chief market strategist at National Securities.

Despite Friday's session, both the Dow and S&P 500 closed the week with losses.

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US durable goods orders grew by 0.4 per cent in August, below estimates and a much slower level of growth than July's upwardly revised 11.7 per cent increase.

The tepid data add to worries that consumer spending is weakening as progress on another coronavirus stimulus package remains stalled.

Analysts said the market is also becoming more worried about a protracted US presidential election after Donald Trump repeatedly declined this week to commit to a peaceful transition of power if he loses in November.

Still, large tech shares such as Amazon, Apple and Facebook all gained more than two per cent.

Another big winner was Boeing, which surged 6.9 per cent after Europe's aviation regulator said the long-grounded 737 MAX could be cleared to resume service by the end of the year.

The MAX has been out of service since March 2019 following two deadly crashes.

AFP

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