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* Coronavirus cases in the United States exceed 7 million
* Costco Wholesale cuts high costs of COVID-19
* Cruise operators skip after Barclays upgrade
* Indexes up: Dow 0.40%, S&P 0.68%, Nasdaq 1.27% (updates early afternoon)
September 25 (Reuters) – Major Wall Street indices rose on Friday, led by tech-related stocks, but were still on track for their longest streak of weekly losses in a year, fears about the impact of the coronavirus on the economy having shaken investor sentiment.
Shares of tech mega-caps such as Facebook Inc, Alphabet Inc, Amazon.com Inc, Apple Inc and Netflix Inc, which tend to outperform in times of economic uncertainty, climbed between 0.5% and 2.3% .
The information technology index jumped 1.4% as investors ditched value-linked stocks amid signs of a slowdown in the broader economic recovery.
The three major U.S. stock indexes were on track for their fourth straight week of decline – their longest streak of weekly losses since August 2019.
Volatility also increased as investors sought to clarify further congressional stimulus measures ahead of the November 3 presidential election.
“You’ve had this great recovery throughout the summer, and in the fall the economy is just a little more vulnerable, especially with much of the stimulus that we had started to shrink now,” said said Mike Dowdall, portfolio manager at BMO Global Asset Management in Chicago.
At 1:03 p.m. ET, the Dow Jones Industrial Average was up 107.27 points, or 0.40%, to 26,922.71, the S&P 500 was up 22.08 points, or 0.68%, to 3268, 67, and the Nasdaq Composite rose 135.07 points, or 1.27. %, at 10,807.34.
Industrials S&P added 0.9%, with data showing new orders for key U.S.-made capital goods surged in August, while a 1.1% drop in energy stocks put them on hold. on track for one of their worst weeks since the coronavirus crash in March.
Royal Caribbean Cruises Ltd, Norwegian Cruise Line and Carnival Corp jumped more than 6% after a report that Barclays raised its inventory to ‘overweight’.
Boeing Co gained 4.3% after Europe’s leading aviation safety regulator said planemaker’s ground-stuck 737 MAX could receive regulatory approval to resume flights in November and enter service by the end of the year.
Costco Wholesale Corp fell 1.9% as the warehouse chain recorded high coronavirus costs for the second quarter in a row.
Novavax Inc jumped 10.6% after the drugmaker launched an advanced stage trial of its investigational COVID-19 vaccine in the UK.
The rising issues outnumbered declines 1.49 to 1 on the NYSE and 2.31 to 1 on the Nasdaq.
The S&P Index recorded a new 52-week high and no new low, while the Nasdaq recorded 15 new highs and 35 new lows. (Reporting by Devik Jain in Bengaluru; Editing by Arun Koyyur and Anil D’Silva)