The S&P 500 and NASDAQ Composite jumped Friday to finish their best week of the year, as continued strength in earnings reports extended the tech-led rebound from the January rout.
The Dow Jones Industrials settled, however, 21.42 points to conclude Friday at 35,089.74. Still, the 30-stock index enjoyed a gain on the week of more than 1%.
The S&P 500 recovered 23.09 points to 4,500.53, transported 1.6% over the last five sessions.
The NASDAQ popped 219.19 points, or 1.6%, to 14,098.01, or nearly 2.4% better than last Friday’s close.
The progress marks the second weekly advances of 2022 for the major averages — which were under pressure last month as worries of higher interest rates dragged down tech names.
Amazon led the S&P’s and NASDAQ’s gains, as it jumped 13.5% on strong quarterly earnings and cloud revenue beats. Snap rocketed up 58.8% the day after reporting earnings. Pinterest rose 11.2%.
Wall Street was coming off a horrid session in which a plunge in Meta shares dragged megacap tech stocks lower. Meta shares suffered their worst day ever on Thursday, dropping 26.4% on the back of disappointing quarterly earnings.
The January jobs report showed a 467,000 gain in payrolls. Economists polled by Dow Jones had expected a minor gain of 150,000, and some economists predicted a large decrease. Economists had cautioned before the report it could be noisy because of an omicron wave hitting while the survey was taking place.
Prices for 10-year Treasurys sagged, hiking yields to 1.92% from Thursday’s 1.83%. Treasury prices and yields move in opposite directions.
Oil prices rocketed $1.96 to $92.23 U.S. a barrel.
Gold prices were positive $4.50 to $1,808.60 U.S. an ounce.