U.S. stocks extended their gains as increases in crude oil prices and long-term interest rates paused. The Dow closed up $423.31, while the Nasdaq ended at a high level.
The New York stock market on Friday the 9th ended higher, as a pause in the increases in crude oil prices and long-term interest rates spread a sense of relief through the market. The Dow Jones Industrial Average of 30 stocks closed at 51,654.95, up $423.31 from the previous close, while the Nasdaq Composite ended at 27,366.17, up 172.83 points.
Trading volume on the New York Stock Exchange declined from the previous day, while crude oil futures and long-term interest rates edged higher. With companies set to begin reporting earnings next week, expectations for solid results prompted renewed buying in major cloud stocks.
Among Dow constituents, Amazon.com and Microsoft rose, while Verizon Communications, AT&T and T-Mobile US fell after SpaceX announced that it had obtained a mobile spectrum license. SpaceX edged higher.
Among the stocks concerned, Amazon rose 3.3%, Cisco Systems 3.1%, Visa 2.8% and Microsoft 2.4%. Meanwhile, 3M fell 2.2% and Home Depot declined 1.6%.
Market developments also included moves in related stocks following an Australian data-center operator's decision to abandon its IPO.