Stocks Reverse Losses For The Year; Roku, Movie Theaters Lead Friday Rally

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The Dow reversed its losses for the year and the Nasdaq and S&P 500 hit records at close as investors saw a possible tempering of COVID-19 spread and liked a policy speech by the Federal Reserv…

led, hitting a new all-time high and closing up more than 7% after a survey by Deutsche Bank found the company in the lead in the connected TV market. Deutche Bank analyst Jeffrey Rand said in a note that the survey showed 43% of connected TV respondents said they had a Roku device versus 35% a Fire TV by rival Amazon.

Exhibitors, a highly volatile group, were also strong with Cinemark, National CineMedia and Marcus closing up, respectively, over 7%, 6% and 4%. AMC Entertainment gained 0.91%. As theaters reopen this month, Mooky Greidinger, CEO of Regal Cinemas parent Cineworld Group, told CNBC the giant circuit is seeing lots of sold out shows, in accordance with social distancing guidelines. And California Governor Gavin Newsom announced new metrics that allowOn Thursday, Fed chair Jerome Powell said the Central Bank’s new policy will allow inflation too hover above its historic 2% target at times in order to spur growth.

 

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