All three major indexes closed a choppy week of trading with gains on Friday, but the Dow Jones Industrial Average and S&P 500 still logged a weekly loss for the fourth consecutive week.SEE MORE 13 Best Warren Buffett Growth Stocks
Friday's session was defined, in part, by more mixed economic data. Core capital orders increased by more than forecast, but growth in durable goods orders rose less than expected. Altogether the data did nothing to reassure a market that's concerned about a slowing recovery amid waning federal financial help for businesses and the unemployed.
"Risk assets remained stable following the economic releases as last month’s readings were revised upwards, but cyclical assets continue to experience bouts of selling due to the growing global economic worries," Gorilla Trades notes.
Against that backdrop, tech stocks once again took center stage as investors scramble for growth in a recessionary environment, with Microsoft (MSFT), Apple (AAPL) and Salesforce.com (CRM) being among the Dow's top gainers. For the record, the blue-chip average rose 359 points, or 1.3%, to finish at 27,174.
The usual anxieties surrounding the imminent end of fiscal stimulus, a mixed economic picture and rising COVID-19 cases will likely take center stage next week, as the corporate earnings calendar is pretty light. Highlights include a report from Micron Technology (MU) on Tuesday, and results from Pepsico (PEP) Thursday.
Other action in the market today:The Nasdaq Composite gained 2.3% to close at 10,913.The S&P 500 added 1.6% to finish at 3,298. The small-cap Russell 2000 closed up 1.6% at 1,474. Boeing (BA) shares rose 6.9% on news that the European regulatory ban on the 737 MAX jet could be lifted in November. Keep an Open Mind About Under-the-Radar Tech Stocks
At the risk of sounding like a broken record, tech stocks have been a safe haven in an otherwise tough market and look poised for more outperformance ahead.
Indeed, tech is one of the few sectors expected to report revenue growth for the third quarter. When inve