USA stocks rally as dip-buying intensifies after rout


"It's dip buying", Moya said.

Wall Street's main indexes rose on Friday, led by technology-related stocks, but were still set for their longest weekly losing streak in a year as fears about the coronavirus' impact on the economy weighed on investor sentiment.

Technology (NYSEARCA:XLK) was a bright spot as investors piled in after recent heavy declines, and the Nasdaq rose 2.3% on the day.

Shares of other largest American companies by capitalization, Inc (NASDAQ: AMZN) and Microsoft Corp (NASDAQ: MSFT), are also moderately gaining in price.

"You've had this nice recovery through the (northern) summer, and coming into the fall the economy is just a little bit more vulnerable, particularly with a lot of the stimulus that we had starting to taper off now", said Mike Dowdall, portfolio manager at BMO Global Asset Management in Chicago. But the S&P 500 ended up down 0.6% for the week, and the Dow industrials down 1.8%.

The manufacturing sector rose 0.2% in the S&P 500 on data that USA durable goods orders rose stronger than expected in August.

The Dow Jones Industrial Average gained 358.52 points, or 1.3%, to 27,173.96.

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Royal Caribbean RCL.N , Norwegian Cruise Line NCLH.N and Carnival Corp CCL.N jumped more than 5% after a report that Barclays upgraded their stock to "overweight".

Costco Wholesale Corp fell 1.27 per cent as the warehouse chain recorded high coronavirus-related costs for a second straight quarter.

Boeing Co gained 2.4 per cent after Europe's chief aviation safety regulator said the planemaker's grounded 737 MAX could receive regulatory approval to resume flying in November and enter service by the end of the year.

Novavax Inc jumped after the drugmaker launched a late-stage trial of its experimental COVID-19 vaccine in the UK.

US stocks on Friday were ending a choppy week on a high note, which was helping the technology-laden Nasdaq Composite Index wipe out a more than 1% weekly drop in the final hour of trading.

The number of coronavirus cases in the USA topped 7 million, as Midwest states reported spikes in COVID-19 infections in September, according to a Reuters tally.

Ten of the 11 sectors under S&P 500 closed higher with technology, real estate and health sectors up 2.4 percent, 1.96 percent and 1.65 percent, respectively.