NEW YORK: Wall Street gained ground on Friday with upbeat earnings reports helping to drive optimism about the economy even as investors weighed a current surge in virus cases against hopes for successful COVID-19 vaccines.
"We know we've got some tough times ahead but mid-2021 you can potentially see that with a vaccine and better treatment instead of the coronavirus causing more damage you see that there's a recovery ahead," said Martin."You're at that time of year when people are starting to look forward into 2021." With third-quarter reports released from about 90per cent of S&P 500 companies Refinitiv IBES estimates now show profits falling 7.8per cent from last year compared with an Oct. 1 expectation for a 21.4per cent slump.
The tech-heavy Nasdaq, however, was headed for a weekly decline as investors booked profits in technology stocks, which have benefited from a stay-at-home environment.
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