Daily Times

The broad-based S&P 500 index closed at a fresh record Friday, following a slew of earnings reports from major tech companies and US government data showing the labour market remained solid in January.

The S&P 500 finished the day up 1.1 percent at 4,958.61, surpassing its previous high on Monday.

The Dow Jones Industrial Average also climbed to new heights, gaining 0.4 percent to 38,654.42. The tech-focused Nasdaq Composite Index advanced a robust 1.7 percent to 15,628.95. The strong showing came a day after tech heavyweights Meta — the titan behind Facebook and Instagram — and Amazon blew through expectations in their latest quarterly results.

On Friday, Meta shares rocketed 20.3 percent while Amazon closed 7.9 percent up. But Apple, which also reported earnings after the bell on Thursday, slipped 0.5 percent. This was despite it logging sales growth in the final three months of 2023 — as worries surrounding competition in the China market cast a pall on the news.

Meanwhile, the Labor Department said Friday that the world’s biggest economy smashed expectations to add 353,000 jobs last month. The unemployment rate remained under 4.0 percent for two whole years — signaling continued resilience in the labor market which could support growth this year. “It’s more about earnings than it is about the labor report,” said Tom Cahill of Ventura Wealth Management of the market’s performance.

Investors are focused on “good earnings out of Meta, Amazon and just the excitement around the artificial intelligence and technology companies,” he added.