S&P 500 Hits Record High as Jobs Report Beats Expectations and Big Tech Stocks Rally on Earnings
-
The S&P 500 hit a record high, rising 1.1%, after a strong January jobs report and earnings from tech giants Amazon and Meta. 353,000 jobs were added in January, nearly double expectations.
-
Meta shares surged over 20% after beating earnings expectations and announcing a new dividend and $50 billion increase to its stock buyback program.
-
Amazon shares jumped nearly 8% after topping earnings expectations, growing its ads business over 25%.
-
Apple shares fell despite an earnings beat after sales fell in China, a key market. Chevron and Exxon also beat expectations.
-
The strong jobs report makes a Fed rate cut in March less likely. Key economic data and earnings from McDonald's, Disney, PepsiCo and more are due next week.