U.S. stocks opened mostly higher on Friday, but the market is still on track to decline for the week. The S&P 500, which has already erased all its summertime gains, and the Nasdaq Composite, which has fallen into correction territory, have weighed on investors’ sentiment.
Positive Earnings Encourage Traders
However, there was a boost in the market today as traders reacted to strong earnings from Amazon.com Inc. (AMZN), one of the most valuable U.S.-traded companies. The positive earnings report, along with other earnings announcements and fresh data on inflation and consumer spending, provided some relief to investors.
Market Performance
The S&P 500 gained 15 points or 0.4%, reaching 4,152 points. Meanwhile, the Nasdaq Composite rose by 124 points or 1%, climbing to 12,722 points. On the other hand, the Dow Jones Industrial Average was down 36 points or 0.1%, standing at 32,748 points.
Weekly Outlook
Despite today’s positive market opening, the S&P 500 is still down 1.7% for the week. If this trend continues, it will mark the second straight weekly drop and the sixth week of decline out of the last eight.
