Stocks Rise as Dip Buyers Fuel Wall Street Rebound: Markets Wrap
- US economy is slowing but solid in final run-up to election
- Treasury yields end week higher, reversing an earlier slide
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Stocks staged a late-week rebound, with traders looking past noisy economic data and uncertainties about one of the most closely contested elections in US history to focus on Corporate America’s strength.
The S&P 500 halted a two-day rout amid solid signals from industry bellwethers. Tech megacaps, which bore the brunt of the recent selling, led gains on Friday. Amazon.com Inc. surged 6.2% after strong results. Intel Corp. rallied 7.8% on a bullish outlook. Exxon Mobil Corp. and Chevron Corp. beat profit, output and sales estimates. Boeing Co. rose 3.5% on optimism that a lengthy strike is nearing an end. Apple Inc. fell 1.2% after a tepid forecast.