Stocks rose during an afternoon trading rally to close out Friday's session with broader market gains despite overall uneasy sentiment about further U.S. fiscal stimulus and rising global coronavirus cases ushering in a second wave of lockdowns. The late gain sent pushed the Nasdaq to its first weekly increase in three weeks, with the index gaining 1.11%. The S&P 500 and Dow, however, continued their losing streaks, declining 0.63% and 1.75%, respectively.
The House is currently drafting a $2.4 trillion economic relief package that could be voted on soon. The package highlights on new enhanced unemployment benefits and stimulus for struggling airlines, but the large amount may hinder the bill's passing in the Senate.
Meanwhile, the Commerce Department's preliminary monthly report on U.S. durable goods orders rose only 0.4% in August, far below the expected rise of 1.5%. The slowdown in recovery followed an upwardly revised 11.7% increase in July.
Here's how the market closed for the week:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
For Major Stock News, cruise lines jumped following a Bullish stance from Barclays that forecasted that the worst is already over for the sector: Carnival
For Sector Performance, every industry gained on Friday expect Energy, which lagged behind 0.07%. The sector performance gains were as follows: Information Technology +2.40%, Real Estate +1.96%, Health Care +1.65%, Utilities +1.61%, Consumer Discretionary +1.57%, Industrials +1.49%, Communication Services +1.27%, Financials +1.07%, Materials +0.80%, and Consumer Staples +0.41%.
For Commodities and Currency, the U.S. Dollar
For the week ahead, the first presidential debate on Tuesday may sway the stock market as a clear winner could emerge. Friday's upcoming employment report for September will also be the last to release before the election.