Daily updates on foreign exchange news

Volatility To Continue As Investors Shift Focus To Trump-Biden Debate

Stocks on Wall Street ended higher in another volatile session on Friday, clawing back some of their hefty losses for the week, as tech shares rallied.

The Dow Jones Industrial Average jumped 359 points, or 1.3%, to close at 27,173.

The S&P 500 rose 1.6% to 3,298, while the Nasdaq Composite surged 2.2% to settle at 10,913.

Despite Friday’s rally, both the Dow and S&P 500 suffered their fourth weekly loss in a row, their longest losing streak since August 2019. The Dow fell 1.8% on the week while the S&P 500 declined 0.6% over the same timeframe.

The Nasdaq meanwhile had its first weekly gain in four weeks, rising 1.1%.

U.S. stocks could face more volatility next week as President Donald Trump and Democratic nominee Joe Biden face off in their first debate ahead of the November 3 elections.

The debate – the first of three – will take place in Cleveland, Ohio on Tuesday from 9:00PM ET to 10:30PM ET.

Betting services currently view the race as almost a coin flip, though Biden currently has a modest lead in the polls.

Uncertainty related to the election, including the possibility of a delay in announcing a winner, has weighed on market sentiment in recent weeks, with the S&P 500 tumbling 10% from its record high earlier this month.

Reference by:

Sep 27, 2020