Wall Street gains on Big Tech boost; Apple, Facebook hit record high

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The Standard and Poor's 500 dropped 12.22 points, or 0.4%, to 3,246.22, with almost 3 out of 4 stocks in the index falling. Treasury yields also sank, a sign of increased pessimism about the economy.

The NASDAQ on Friday jumped more than 1 percent, powered by strong earnings from some of the largest U.S. companies, but the Dow Jones Industrial Average and S&P 500 finished with smaller gains as uncertainty about the government's next round of COVID-19 aid kept economic worries on the radar. NY time.The Stoxx Europe 600 Index decreased 0.9%.The MSCI Asia Pacific Index slid 1.5%. Despite the continued elevated coronavirus case numbers, the S&P 500 is now in the green for 2020, fueled by generally strong earnings from the largest USA companies and hopes that a vaccine will be available by the end of the year.

Inc gained 3.7 percent after posting its biggest profit ever, while Facebook Inc jumped 8.2 percent after the social media platform blew past revenue expectations. So did steadying prices for Amazon and other big tech-oriented stocks, which reported their own results after the day's trading ended. The Nasdaq Composite was up 32.42 points, or 0.31%, at 10,620.23.

The jumbled trading came after a report showed that layoffs are continuing at their stubborn pace across the country, denting hopes that the economy can recover almost as quickly as it plummeted into recession.

The above four tech giants all reported after Thursday's close.

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European and Asian markets closed broadly lower.

The economy cratered to its worst quarterly performance on record during the spring, and worries are high that continuing waves of coronavirus infections may halt what had been a budding recovery.

Thursday was the busiest day for profit reports among S&P 500 companies within the busiest week this earnings season.

"There is a little bit of a balancing act between the positives and negatives - a deluge of pretty strong tech earnings that we got last night and then the struggle in Congress to try to get the COVID stimulus package passed", said Dan Eye, head of asset allocation and equity research at Fort Pitt Capital Group in Harrisburg, Pennsylvania.

The strong share price performance came in the same week top executives from these and other tech giants were pressed by United States lawmakers about the darker practices that have helped them to dominate their industries.

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MGM Resorts fell 5.1%, and Norwegian Cruise Line lost 3.4%. Amazon and Facebook both reported double-digit revenue growth. It benefited from more people getting deliveries at home amid the pandemic. Clorox and Virgin Galactic also report quarterly earnings on Monday.

The S&P 500 rose 0.8% as of 4 p.m. Gold also briefly rose above $2,000 per ounce for the first time, while almost three out of four stocks in the S&P 500 were lower. The extra federal unemployment benefits of $600 a week run dry as of Friday - leaving millions of out-of-work Americans without an additional safety net at a time when the jobs market is still depressed. That's up by 12,000 from a week earlier.

The S&P index recorded 25 new 52-week highs and no new low, while the Nasdaq recorded 79 new highs and six new lows.

"There is concentration risk for investors who have been holding an index fund for a long time because they are overweight with those names and in technology stocks in particular", said Liz Young, director of market strategy for BNY Mellon Investment Management. The yield on the 10-year Treasury ticked up to 0.55% from 0.54% late Thursday.

Benchmark U.S. crude rose 0.6% to $40.16 per barrel. Brent crude rose 37 cents to $43.31 a barrel.

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