- US stocks rebounded from a four-day losing streak and edged higher on Friday.
- The move higher comes after a weak jobs report eased concerns about the Fed’s bond tapering schedule.
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US stocks jumped higher on Friday, partly rebounding from a four-day losing streak as concerns over the Fed’s tapering schedule began to ease.
Investors have been looking for clues as to when the Federal Reserve may begin to wind down its monthly $120 billion bond purchases implemented amid the COVID-19 pandemic to shore up credit markets. But a weak August jobs report has investors less concerned about the tapering schedule as the Fed leans more dovish.
President Biden’s more than hour-long conversation with Chinese President Xi Jinping could also be lifting market sentiment on Friday, as hope builds that trade relations between the two countries will be improved.
Here’s where US indexes stood shortly after the 9:30 a.m. ET open on Friday:
- S&P 500: 4,514.94, up 0.48%
- Dow Jones Industrial Average: 35,055.47, up 0.5% (174.32 points)
- Nasdaq Composite: 15,337.49, up 0.59%
Shares of buy now, pay later provider Affirm soared as much as 22% on Friday after the company reported better-than-expected revenue for its fiscal fourth-quarter, and raised revenue guidance for its fiscal year of 2022.
Cathie Wood’s Ark Invest sold more than $100 million worth of Tesla this week, according to daily trade updates. The sales come even as Ark believes Tesla could soar 300% from current levels.
Gold fell as much as 0.21%, to $1,796.30 per ounce.