US Stocks: Wall Street climbs on upbeat economic outlook


The S&P 500 index rose 1.85 points, or 0.1%, to 3,115.34. The Nasdaq was little changed.

Apple said Friday that it was temporarily shutting 11 stores across Florida, Arizona, North Carolina and SC, following spikes in Covid-19 infections.

New cases in Florida, Arizona and California have hit daily record highs in recent days, but authorities have been reluctant to put lockdown measures back in place.

USA stocks advanced on Friday with the tech-heavy Nasdaq hovering near a fresh record high on hopes of a rebound in business activity from a virus-driven downturn, with investors looking past new COVID-19 cases in several US states.

While several USA states have reported surges in new Covid-19 cases after re-opening their economies, President Donald Trump insisted the United States would not enact a new round of restrictions to curb the pandemic's spread.

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Trading volumes are likely to spike in Friday's session on account of "quadruple witching", as investors unwind interests in futures and options contracts prior to expiration.

Stocks benefiting from the economy reopening were also under pressure following Apple's announcement. Nordstrom and Kohl's both slid more than 1%.

AMC Entertainment Holdings jumped 5.8 per cent on plans to reopen theatres at about 450 locations in the United States next month and the company expects returning to full-seating capacity around Thanksgiving.

This article is being republished as part of our daily reproduction of articles that also appeared in the US print edition of The Wall Street Journal (June 20, 2020).

Stocks started the day with strong gains after a report by Bloomberg News said that China was set to up its purchases of USA farm products to comply with the phase-one trade deal. -China trade relations as the two countries exchange heated rhetoric regarding the coronavirus. The 30-stock Dow and the S&P 500 have gained more than 2% each this week so far, while the NASDAQ has risen about 3.3%. Those gains came after a record surge in US retail sales and the Federal Reserve announcing it will buy individual corporate bonds.