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Wall Street rebounds as market eyes tech results, strong US data

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The rebound came after a more than 3% slide a day earlier in the main indexes.. Read more at straitstimes.com.

NEW YORK - US stocks closed higher on Thursday , with the technology heavyweights rallying ahead of major earnings reports and upbeat domestic economic data calming investor jitters about surging coronavirus cases.

"The earnings season so far has resulted in significant positive earnings surprises," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York."We think that's helping to fuel today's rally in anticipation of positive surprises from these companies." Amazon's third-quarter revenue beat Wall Street estimates as the pandemic pushed more people to shop online for groceries and other essential items on its platform. Net sales rose to $96.15 billion from $69.98 billion a year earlier.

The CBOE volatility index surged to a 15-week high this week due to lack of fiscal stimulus, while the White House coronavirus task force urged for aggressive measures to curb the pandemic.

 

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