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US markets close higher on Friday on upbeat earnings news
Aug-01-2020

The US markets ended volatile day in green on Friday, with the tech-heavy Nasdaq showing a particularly strong upward move. Gains in the markets were supported by positive reaction to better than expected quarterly results from several leading technology companies. The upbeat tech earnings news seemed to overshadow concerns about stalled negotiations over a new coronavirus stimulus package. With the Republican-controlled Senate adjourning for the weekend on Thursday, a $600 weekly federal unemployment benefit is set to expire at the end of the day. Democrats rejected a temporary extension of the jobless benefit, with Senate Minority Leader Chuck Schumer claiming a one-week extension ‘can't be implemented in time.’ Lawmakers appear at an impasse as the attempt to reach a compromise between a $1 trillion GOP relief proposal and the $3.4 trillion bill passed by the Democratic-controlled House in May.

On the economic front, the Commerce Department released report showing personal income slumped by more than expected in the month of June, although the report also showed another substantial increase in personal spending. The Commerce Department said personal income tumbled by 1.1 percent in June after plunging by a downwardly revised 4.4 percent in May. Street had expected personal income to decrease by 0.5 percent compared to the 4.2 percent nosedive originally reported for the previous month. Meanwhile, the report said personal spending surged up by 5.6 percent in June after skyrocketing by an upwardly revised 8.5 percent in May. A separate report from the University of Michigan showed consumer sentiment deteriorated by more than initially estimated in the month of July. The report said the consumer sentiment index for July was downwardly revised to 72.5 from the preliminary reading of 73.2. The index is down from 78.1 in June and below street estimates for a reading of 73.0.

Dow Jones Industrial Average jumped 114.67 points 0.44 percent to 26,428.32, Nasdaq surged 157.46 points or 1.49 percent 10,745.28 and S&P 500 was up by 24.90 points or 0.77 percent to 3,271.12.

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