Wall Street roars back at end of volatile week as tech stocks shine

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Wall Street roars back at end of volatile week as tech stocks shine

On Friday, all three key indices of Wall Street closed out sharply higher with tech-stocks bouncing back at the end of a choppy trading week that had witnessed the tech-heavy Nasdaq having been plunged into a correction territory, losing out more than 10 per cent from its previous record closing highs reached late on February.

In point of fact, in the day’s gains in the Wall Street were almost entirely prompted by a number of positive fiscal data including a rise in US non-farm payrolls alongside a resumption of hiring in a number of sectors apart from a high-flying US manufacturing activity which had soared to a roughly three-year peak last month.

In tandem, according to US Labour Department’s employment data released earlier in the day, the US economy had added more jobs than anticipated last month, while US private employers added about 379,000 jobs in February, cementing ways for a rapid upswing in rehiring as optimisms of a trillion-dollar stimulus package alongside a mass-scale pandemic vaccination campaign appeared to have restored some of investors’ confidences lost in the glooms of pandemic-led pandemonium.

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Citing statistics, in the day’s Wall Street closing bell, benchmark S&P 500 surged 1.95 per cent to 3,841.94 and trade-sensitive Dow gained 1.85 per cent to 31,496.30, while tech-heavy Nasdaq ends 1.55 per cent higher to 12,920.15, but had botched to avert a third straight week of percentage decline in a row.

Meanwhile, citing that a latest trend of upscaled volatility in the Wall Street would more likely to continue in a near term as a deeply divided US Senate had been set to launch a debate over a raft of amendments regarding the trillion-dollar stimulus bill passed in the US House last week, Longbow Asset Management Chief Executive Officer Jake Dollarhide said, “Next week, I would expect volatility to continue, with pockets of opportunity, with certain things that sold off potentially rebounding”.