US stocks bounce back from rout

(iStock)
(iStock)

Wall Street stocks bounced in opening trading Friday, winning back some of the losses suffered in three weak sessions that culminated in a rout Thursday.

About 50 minutes into trading, the Dow Jones Industrial Average stood at 25 831.52, up around 700 points or 2.8%.

The broad-based S&P 500 advanced 2.3% to 3 071,57, while the tech-rich Nasdaq Composite Index gained 2.2 percent to 9 703.13.

Major indices on Thursday suffered their worst session since March on worries that a resurgence in coronavirus cases in some states will threaten the US economic recovery following shutdowns to stop the virus earlier in the spring.

Stocks were back on the upswing Friday from the opening bell and holding their gains after data from the University of Michigan showed a surprisingly big jump in consumer confidence.

Still, some analysts expect the volatility to continue.

All 30 members of the Dow were in positive territory, with some of Thursday's biggest losers gaining the most, including Boeing, up 10.1%, Exxon Mobil, up 3.7 percent and JPMorgan Chase, up 3.1%.

Among other companies, Adobe advanced 2.7% as it reported higher profits on a 14 percent increase in second-quarter revenues to $3.1 billion, joining the list of technology companies that have benefited amid the upheaval caused by Covid-19.

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