Tech Stocks Rebound as Nasdaq Logs Best Day Since March


The Dow Jones lost nearly 300 points (about 296 points) or around 1.19% to end the day with the bear dogging their heels. The Nasdaq composite lost 205 points, or 2.8 percent, to 7,113.

The S&P 500 is down 111.68 points, or 4 percent.

The Commerce Department said the US economy's gross domestic product, a measure of total output of goods and services, grew at a robust annual rate of 3.5 percent in the July-September quarter. Worries over corporate earnings, trade and the outlook for growth weighed on sentiment.

Several companies sustained heavy drops after reporting disappointing results. The ups and downs came during the busiest week for third-quarter company earnings.

It rose 1.3 per cent to United States dollars 354.65 after the defence contractor's latest quarterly results topped analysts' forecasts. Shares of the tech giant jumped 5.8 percent to $108.30.

The selloff got some respite from data showing US gross domestic product growth slowed less than expected in the third quarter as a tariff-related drop in soybean exports was partially offset by the strongest consumer spending in almost four years and a surge in inventory investment. The last S&P 500 correction happened in February. That stretch also included a couple of big rallies, but the losses erased the benchmark index's gains from earlier in the year.

The S&P 500 index rose 16 points, or 0.6 percent, to 2,672.

As that assessment becomes more of a reality, some analysts have warned that investors are unwilling to stomach the risk exposure. She expects that to change when the dust settles.

Analysts said the gains were unsurprising after Wednesday's ugly finale, especially after strong earnings from Microsoft, Tesla Motors and others reassured investors.

The S&P 500 index rose 43 points, or 1.6 percent, to 2,699.

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Stocks fell Friday as a technology sell-off rattled global markets.

For some investors, the slump in S&P 500 companies' shares is a bright red flag.

Amazon tumbled 7.8 per cent in its worst daily percentage drop since October 2014, after it missed quarterly sales estimates and gave a below par holiday-season sales forecast.

United States stocks tumbled in a volatile day of trading Friday as a technology rout rattled global markets, with concerns about rising rates and the prospect of slowing economic growth around the world wiping out Wall Street's 2018 gains for the second time this week. Hong Kong's Hang Seng sank 1.1 per cent. India's Sensex fell 0.7 percent to 33,781.56. Heating oil added 1.2 percent to $2.28 a gallon and natural gas gained 1.1 percent to $3.20 per 1,000 cubic feet. The Kospi in South Korea dropped 1.6 percent.

Facebook Inc, Apple Inc and Netflix Inc, the other members of the so-called FAANG group, were also sharply lower.

The Russell 2000 is down 73.34 points, or 4.8 percent.

US bond prices edged lower.

Energy had a sector-wide loss of more than two per cent on Tuesday, extending its losses for the month beyond 10 per cent, after oil prices plunged to two- month lows. Brent crude, the benchmark for global oil prices, rose 0.9 percent to $76.89 a barrel in London.

Gold rose 0.3 percent to $1,235.80 an ounce. Copper dipped 0.1 percent to $2.75 a pound. The euro rose to $1.1408 from $1.1393.