S&P 500 hits fresh peak as cyclicals roar back - Dow jumps 440 points to record, rebounding from one-day slide
The S&P 500 index clocked a new record high on Friday as economy-sensitive cyclical sectors including financials and energy rebounded after a selloff, recouping all its loses triggered by growth worries earlier in the week.
The Dow Jones Industrial Average (.DJI) rose 448.23 points, or 1.3%, to 34,870.16, while the broad S&P 500 (.SPX) gained 48.73 points, or 1.13%, to 4,369.55.
The tech-focused Nasdaq Composite (.IXIC) added 142.13 points, or 0.98%, to 14,701.92.
European stocks rise on bargain-hunting, erase weekly losses
European stocks jumped more than 1% on Friday, posting their best session in two months and erasing all of this week’s losses, as investors sought bargains after one of the worst sell-offs this year on global economic recovery worries.
The pan-European STOXX 600 index gained 1.3%, with sectors that took a hit earlier this week such as automakers and miners surging 4% and 3.4%, respectively. The mining sector marked its best session in two months.
French stocks rose by the most in four months, advancing 2.1% and leading gains among major European bourses.
Banks were up 2.4%, but were the hardest hit this week as government bond yields dropped. [GVD/EUR]
A fresh surge in COVID-19 cases and underwhelming U.S. and Chinese economic data raised concerns about the strength of the recovery, boosting bonds and sending the benchmark STOXX 600 1.1% lower on the week until Friday’s gains negated those losses.
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