REUTERS: Technology stocks again rode to Wall Street's rescue on Friday, lifting the main indexes more than 1per cent, but the Dow and the S&P 500 still posted their longest weekly losing streaks in a year as fears of a slowing economy sparked an almost month-long rout.
"It's dip buying," Moya said."When you look at the correction that we've seen in these tech giants, people are still going to want to hold U.S. equities. The reality is that 2021 is going to be a much higher stock market and you're probably going to see tech still lead the way." The Dow Jones Industrial Average rose 358.52 points, or 1.34per cent, to 27,173.96. The S&P 500 gained 51.87 points, or 1.60per cent, to 3,298.46 and the Nasdaq Composite added 241.30 points, or 2.26per cent, to 10,913.56.
Shares of Boeing Co rose 6.8per cent and led the Dow higher after the U.S. Federal Aviation Administration said its chief will conduct an evaluation flight of the grounded 737 MAX and European safety regulators indicated a potential resumption of flights by year end.
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