NEW YORK (AFP): Stock markets rebounded on Friday after a rocky week dominated by uncertainty over whether the global economy will suffer recession this year as central bankers continue to address inflation.
Major indices in New York, which have been under pressure most of this week, enjoyed a buoyant session, led by tech shares following strong Netflix subscription figures.
The streaming giant reported lower quarterly profits, but Netflix shares surged 8.5 percent after subscriber figures topped analyst estimates, as hits such as “Wednesday” and “Harry & Meghan” drew in new viewers.
Analysts also cited comments from Federal Reserve Governor Christopher Waller endorsing a 25-basis point interest increase at the Fed’s next meeting, smaller than other recent hikes.
“After four or five days of down markets, investors probably feel that most of the bad news is already out and perhaps the selling was overdone,” said Jack Ablin of Cresset Capital.
All three major US indices rose, with the Nasdaq leading with a 2.7 percent jump.
The gains in New York followed earlier up sessions in Asia and Europe.