Nasdaq surges on megacap earnings

Marco Green
August 2, 2020

Meanwhile, referring to the latest round of garrulous debate in the Capitol Hill over an extension of additional unemployment benefit in context of a stabbing figure of 30.2 million unemployed Americans who had been laid off due to the pandemic-led forced business closures, a Chief Investment strategist at BMO Wealth Management, Yung-Yu Ma said on Friday's Wall Street wrap up, "If it doesn't happen in short order, there's going to be a lot of disappointment and unease".

Stocks posted big gains for the month, led by the Nasdaq's almost 7% climb. Among the hardest-hit were oil producers, banks and other companies that most need the economy to pull out of its recession.

Amazon rose after posting its biggest profit ever while Facebook shares jumped after the social media giant blew past revenue expectations.

The Dow Jones rose 114.67 points, or 0.44 percent, to 26,428.32, the S&P 500 gained 24.9 points, or 0.77 percent, to 3,271.12 and the NASDAQ Composite added 157.46 points, or 1.49 percent, to 10,745.27.

For the week, the S&P gained 1.73 per cent, the Dow shed 0.15 per cent and the Nasdaq climbed 3.69 per cent. Despite the continued elevated coronavirus case numbers, the S&P 500 is now in the green for 2020, fueled by generally strong earnings from the largest US companies and hopes that a vaccine will be available by the end of the year.

The Russell 2000 index of small company stocks fell 14.67, or 1%, to 1,480.43.

The Nasdaq is up 382.10 points, or 3.7%.

Energy stocks fell the most among the 11 major S&P sectors after Chevron Corp reported an $8.3 billion loss on asset writedowns and ExxonMobil Corp recorded a second consecutive quarterly loss.

The Nasdaq is up 224.64 points, or 2.2%.

The Russell 2000 is up 12.87 points, or 0.9%.

The Dow is down 2,224.79 points, or 7.8%.

Declining issues outnumbered advancing ones on the NYSE by a 1.40-to-1 ratio; on Nasdaq, while a 1.94-to-1 ratio favoured decliners. First, the S&P 500 is now positive for the year.

The Russell 2000 is down 173.37 points, or 10.4%.

Other reports by Click Lancashire

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