New York, Wall Street
rose on Friday, led higher by Apple and Microsoft as investors finished a
turbulent week of trading and some states prepared to relax coronavirus-related
Apple and Microsoft each climbed more than 1%, lifting the S&P 500 more than any other companies. The two tech titans are on tap to report their March-quarter results next week, giving investors a glimpse at how the pandemic has affected their global businesses, according to Reuters.
Boeing Co tumbled 5.6% after a report the plane maker was planning to cut 787 Dreamliner output by about half.
All of the 11 S&P 500 sector indexes moved up, with information technology jumping 1.3% and consumer discretionary rallying 1.2%.
Even with Friday’s gains, the S&P 500 was on course to end the week lower, with investors fearful of a deep economic slump following a near-crash in April business activity and weekly jobless claims topping 26 million in five weeks.
The index has recovered more than 25% from its March low and expectations are growing that more businesses will be allowed to reopen as coronavirus infections showed signs of peaking.
Source: Saudi Press Agency