U.S. stocks advanced on Thursday as investors moved into technology heavyweights ahead of their earnings reports, while upbeat U.S. domestic economic data eased concerns about surging COVID-19 cases.
The rebound came after a more than 3% slide a day earlier in Wall Street’s major indexes, underscoring heightened market volatility ahead of the presidential election next week.
Apple Inc, Amazon.com Inc and Alphabet Inc rose before their results, due after the closing bell. All three companies have seen demand surge for their products and services from people stuck at home during the pandemic.
Apple, one of the most actively traded stocks on Nasdaq, jumped 4.6%…
Sentiment also got a boost from data showing the U.S. economy grew at a record pace in the third quarter after the government poured out more than $3 trillion of pandemic aid. A separate report showed weekly unemployment claims fell last week.
MacDailyNews Take: Just over an hour to go until we all know how Apple did in their fiscal 2020 fourth quarter. The upbeat U.S. economic data reported today bodes well. Apple is expected to report earnings of $0.69/share on $63.72 billion in revenue.