Stocks Rise Amid Rally in Big Tech, Stimulus Talks: Markets Wrap
- White House, Democrats plan to continue negotiations Saturday
- Microsoft is said to be in talks to buy TikTok in U.S.
U.S. stocks extended their July rally amid a surge in technology shares and on news the White House and Democrats are planning to meet Saturday to discuss the next virus-relief package.
Chief of Staff Mark Meadows said the administration is willing to compromise while House Speaker Nancy Pelosi noted Republicans didn’t have the votes to extend the $600 per week unemployment benefit that’s propped up incomes and spending. The Nasdaq 100 outperformed on solid earnings from giants such as Apple Inc. and Amazon.com Inc. Microsoft Corp. erased declines on a news report it’s exploring an acquisition of TikTok’s operations in the U.S. Earlier Friday, equities slumped as Covid-19 deaths in Florida hit a record for a fourth straight day, cases in Arizona accelerated and the virus transmission rate in New Jersey jumped.