The major indexes finished solidly in the green Friday, but those gains weren't enough to prevent the stock benchmarks from ending in the red on a weekly basis.
Wall Street's main indexes rose on Friday, boosted by tech stocks in a broad-based rally, although concerns over a slowing economic recovery and the possible tapering of stimulus saw the indexes on course for weekly losses.
What happened
Shares of Nvidia (NASDAQ: NVDA), which makes semiconductors used in video games, cryptocurrency mining, and artificial intelligence, jumped 3% through 10:15 a.m. EDT Friday.
Is data the new oil? I have been saying for over a year that it is not. Data needs data centers, and data centers need semiconductors. Therefore, semiconductors are the new oil. Think about it for a minute. Consider all the secular growth trends and disruptive innovations we are
The Nasdaq led gains among Wall Street indexes on Friday, driven by strength in tech stocks, although concerns over a slowing economic recovery and the possible tapering of stimulus saw the Dow and the S&P 500 set for their worst week since mid-June.
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Nvidia Corp's planned $40 billion acquisition of British chip designer ARM looks set to face a lengthy inquiry after a UK regulator found the deal would hit competition and could weaken rivals.
U.S. group Nvidia Corp's planned $40 billion purchase of British chip designer ARM is likely to be subject to a lengthy inquiry after a UK regulator found the deal would hit competition and could weaken rivals.
Japan's Nikkei stock average closed at a near eight-month low on Friday, dragged down by automakers and their related sectors on growing concerns about a recovery after Toyota cut its global production.
Japan's Nikkei stock average extended its decline to a seven-month low on Friday, led by a slump in shares with strong link to the global economy, while Toyota Motor dragged its peers and affiliates lower.
Tesla Inc CEO Elon Musk on Thursday said it will probably launch the prototype of a humanoid robot called "Tesla Bot" next year, saying the robot would "eliminate dangerous, repetitive, boring tasks."
The S&P 500 ended modestly higher in a choppy session on Thursday, with gains in tech shares countering losses in cyclical sectors, as investors took the pulse of the economic rebound and gauged when the Federal Reserve might temper its monetary stimulus.
The S&P 500 rose in choppy trading on Thursday, with gains in tech shares countering losses in cyclical sectors, as investors took the pulse of the economic rebound and gauged when the Federal Reserve might temper its monetary stimulus.
Technology stocks eased slightly from their best levels of Thursday trading this afternoon, with the SPDR Technology Select Sector ETF (XLK) rising 1.0% in late trade while the Philadelphia Semiconductor Index was 0.9% higher.
The stock market was volatile on Thursdsay, but the Nasdaq Composite (NASDAQINDEX: ^IXIC) outperformed once again. As of 1 p.m. EDT, the Nasdaq was up more than half a percent, outpacing other major benchmarks.