Wall St extends recovery at end of volatile week as investors turn hopeful


US stocks rose on Friday with broad-based gains as investors looked to economic recovery prospects after worries approximately a prolonged period of inflation sparked a volatile week of trading.

Futures pared some gains after data showed U.S. retail sales swiftly stalled in April, as a boost from stimulus checks faded.

“The disappointing retail sales numbers shouldn’t actually come as a enormous surprise for the reason that final month encompassed stimulus money hitting bank accounts,” said Mike Loewengart, managing director of investment strategy at E*TRADE Financial.

“It probably supports the point of view that the dip we experienced this week is a buying possibility as all sectors march toward full recovery.”

Wall Road’s major indexes are set for their steepest weekly drop since February after stronger-than-expected inflation data, signs of labor scarcity and higher commodity prices this week raised bets the Federal Reserve must pare back its crisis level make stronger.

The three main indexes snapped a three-day losing streak on Thursday after better-than-expected weekly jobless claims data.

In signs that life was once returning to normal, revised guidance from the U.S. Centers for Disease Regulate and Prevention said fully vaccinated people do not wish to wear masks outdoors and can keep away from wearing them indoors in most places.

All major S&P sectors were higher, with energy leading gains as oil prices gained ground. [O/R]

The CBOE volatility index, a measure for investors’ anxiety, slipped to 20.57 after spiking to a more than two-month high earlier this week.

At 9:51 a.m. ET, the Dow Jones Industrial Average was once up 261.03 points, or 0.77%, at 34,282.48, the S&P 500 was once up 37.47 points, or 0.91%, at 4,149.97. The Nasdaq Composite was once up 127.14 points, or 0.97%, at 13,252.13.

Mega-cap growth stocks, that have been beaten down this week on concerns over their lofty valuations, led gains in early trading with Apple Inc, Amazon.com Inc and Microsoft Corp gaining approximately 1% every and Tesla Inc adding 2%.

Disappointing subscriber additions for Walt Disney Co’s namesake streaming service overshadowed better-than-expected overall profits, driving down shares of the entertainment company by 4.8%.

Airbnb Inc rose 0.7% despite beating analysts’ expectations for first-quarter gross bookings and revenue.

General Mills Inc edged up 0.4% on a deal to shop for Tyson Foods Inc’s pet treats commerce for $1.2 billion in cash, as the cereal maker builds its pet food portfolio.

Tyson shares added 1.2%.

Advancing issues outnumbered decliners by a 5.87-to-1 ratio on the NYSE. Advancing issues outnumbered decliners by a 3.26-to-1 ratio on the Nasdaq.

The S&P index recorded eight new 52-week highs and no new lows, while the Nasdaq recorded 40 new highs and 26 new lows.

(Reporting by Medha Singh and Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta and Maju Samuel)

(Only the headline and picture of this outline may have been reworked by the Commerce Standard staff; the remainder of the satisfied is auto-generated from a syndicated feed.)

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