Stock market today: S&P 500 hits record high after jobs report, tech earnings thrill investors
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The S&P 500 rose 1.1% to reach a record high after a strong January jobs report and positive earnings from tech giants. The jobs report showed that the economy added 353,000 jobs in January, surpassing expectations. The unemployment rate remained unchanged at 3.7%. Tech giants Amazon and Meta (formerly Facebook) reported strong earnings, boosting investor sentiment. The S&P 500 and Nasdaq Composite gained 1.1% and 1.7% respectively. The positive earnings reports from tech companies contrasted with disappointing results from Apple. The Federal Reserve's rate path may be influenced by the strong labor market. The first rate cut is now expected in May. The stock market rally was also fueled by a surge in Meta's stock, which is on track for the biggest single-day market cap gain in history. Chevron and ExxonMobil reported better-than-expected earnings, with Chevron posting record annual worldwide and US production. The S&P 500 and Nasdaq Composite reached record highs, while the Dow Jones Industrial Average climbed 0.4%. The labor market recovery from the COVID-19 pandemic is now complete, with every major sector of the US economy fully recovered. The US economy added 353,000 nonfarm payroll jobs in January, exceeding expectations. Average hourly earnings rose 0.6% over last month and 4.6% over last year. The Federal Reserve is unlikely to cut rates in March, according to Chairman Jerome Powell. Apple CEO Tim Cook expressed excitement about the company's upcoming AI initiatives. The positive earnings reports from tech giants have raised investor expectations for outstanding results. The blowout jobs report showed a significant uptick in wage growth, which could offset inflationary pressures. The blowout jobs report and strong earnings from tech giants powered the market to a winning finish. The S&P 500 rose 1.1% to reach a record high, while the Dow Jones Industrial Average climbed 0.4% and the Nasdaq Composite gained 1.7%.
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