Stocks post solid gains as technology shares lead rally

Despite the rally, the S&P 500 still posted its fourth straight weekly loss, extending Wall Street’s September swoon.

The S&P 500 came within striking distance of a 10% drop from its all-time high earlier this week, what Wall Street calls a correction. Friday’s gains reflect, in part, traders taking advantage of the selling to snap up stocks at lower prices, said David Lyon, global investment specialist at J.P. Morgan Private Bank.“You’re getting a market that got close to a 10% correction, so you’re starting to see buyers step in to buy the dip,” Lyon said.

Smaller stocks also notched gains. The Russell 2000 index of small-cap stocks picked up 23.09 points, or 1.6%, to 1,474.91.Stocks have struggled this month amid a long list of concerns. Chief among them is that stocks may have gotten too expensive following their record-breaking run through the summer, after storming 60% higher. Critics say Big Tech stocks in particular rose too high, even after accounting for their tremendous growth even as the coronavirus weakened the economy.

Traders also bid up shares in cruise lines. Norwegian Cruise Line notched the biggest gain in the S&P 500, vaulting 13.7%. Carnival jumped 9.7% and Royal Caribbean Group climbed 7.7%.Recently, investors’ frustration has also grown with the inability of Congress to deliver more aid to the economy after weekly unemployment benefits and other stimulus expired.

Yet another report on Friday suggested that the economy’s recovery is slowing without the support from Capitol Hill. Growth for U.S. orders of machinery and other long-lasting goods was just 0.4% last month, down from 11.7% in July. The figure on durable goods was much weaker than economists had forecast, though several said they saw a mixed picture underneath the headline numbers.

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