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US stocks surged on Friday, led by a tech-fueled rally and a blowout jobs report.
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Meta and Amazon posted strong earnings, driving Meta stock up by 20%.
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The red-hot jobs report shows the US economy is resilient, which is good for corporate earnings.
US stocks got a big boost on Friday, driven by a tech-fueled rally and a blowout jobs report.
Strong earnings reports from tech giants Amazon and Meta drove the Nasdaq index up 1.9% on Friday. Meta shares got a blockbuster boost of nearly 20%, while Amazon was up 7.5%.
While the jobs report initially infused the market with fear, stocks moved higher as investors interpreted the results as a sign of economic resilience. The US added 353,000 jobs in January, maintaining an unemployment rate of 3.7%.
While a strong economy pushes out the timing for a Fed rate cut, which Jerome Powell already hinted at this week, it bodes well for corporate earnings.
“Today’s jobs report calls into question the narrative of a soft landing for the economy,” David Donabedian from CIBC Private Wealth said. “The January jobs report was pretty dramatic, implying there may be no landing. The economy is ripping ahead.”
Here’s where US indexes stood at the closing bell at 4:00 p.m. on Friday:
Here’s what else is going on:
In commodities, bonds, and crypto:
Read the original article on Business Insider