S&P 500 surges to record closing high on solid earnings, robust data

U.S. stocks ended sharply higher on Friday and the S&P 500 registered an all-time closing high as strong earnings and a blowout January employment report boosted confidence in the economy, even while lowering the likelihood that the Federal Reserve will cut interest rates any time soon.

The rally capped a tumultuous week filled with high profile earnings, a Fed rate decision, and renewed jitters over regional banking weakness.

Solid quarterly results from Meta Platforms (META.O), opens new tab and Amazon.com (AMZN.O), opens new tab helped boost the S&P 500 index (.SPX), opens new tab and the Nasdaq Composite Index (.IXIC), opens new tab over 1%, while the blue-chip Dow Jones Industrial Average’s (.DJI), opens new tab gain was more muted.

All three major U.S. stock indexes notched their fourth consecutive weekly gains.

 

continue reading »