Stocks Rally on Strong Jobs Report; Tech Giants Post Big Earnings
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Stocks rose Friday after a strong January jobs report showing the economy added 353,000 jobs, nearly double estimates. The report offsets signs of economic softening.
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Tech stocks rallied after strong earnings from Amazon and Meta. Amazon grew revenue and its ads business over 25%. Meta announced a dividend and more stock buybacks.
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Oil giants Exxon and Chevron beat profit expectations as output increased. But profits still declined year-over-year amid lower oil and gas prices.
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Apple shares fell despite an earnings beat as its China sales declined. China is one of Apple's most important markets.
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The jobs report showed wage growth picked up. But economists say rising productivity could offset inflationary pressures.