More phony stimulus. A false economy will always tumble at some point.
Wall Street was set to extend a rally on Friday begun 24 hours ago, after stock-index futures surged as China’s central bank cut interest rates and a clutch of heavyweight tech stocks rose in the wake of strong earnings.
Futures for Dow Jones Industrial Average YMZ5, +0.86% jumped 163 points, or 0.9%, to 17,568, while those for the S&P 500 index ESZ5, +0.75% advanced 17.15 points, or 0.8%, to 2,070.25. Futures for the Nasdaq-100 index NQZ5, +1.32%climbed 69.25 points, or 1.5%, to 4,621, as shares of Amazon.com, Google parent Alphabet Inc. and Microsoft Corp. looked set to rally after earnings late Thursday.
“The average between the three of these firms was an after-hours share price boost of over 10%, with Microsoft hitting a 15-year high,” said Alastair McCaig, senior market analyst at IG, in a note. Read more
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