S&P Enjoys Winning Week Despite Losses Friday
February 03,2023 04:33 pm EST
Stocks fell Friday as a strong jobs report worried some investors the Federal Reserve would keep hiking rates. Still, the S&P 500 notched its fourth weekly gain in five weeks as investors bet falling inflation is ahead.
The Dow Jones Industrials removed 127.93 points to finish the day and the week at 33,926.01, even as Apple shares gained.
The S&P 500 lost 43.28 points, or 1%, to 4,136.48.
The NASDAQ Composite stepped back 193.86 points to 12,006.95.
Regardless, the broader market index and NASDAQ notched a positive week. The S&P 500 closed the week higher by 1.6%. The NASDAQ gained 3.3%, posting its fifth-straight winning week as it rode a tech-fueled rally to outperform the other major indexes. Meanwhile, the Dow was the outlier, down 0.2%.
Wall Street also digested earnings results from major tech companies. Apple shares jumped 2.4%, reversing earlier losses after missing estimates on the top and bottom lines in its most recent quarterly report. Meanwhile, Google-parent Alphabet fell 2.8% following disappointing results. Amazon's stock also declined 8.4% in its worst day since April after the e-commerce giant's report, though it still notched a 1.1% gain on the week.
Investors absorbed a much-stronger-than-expected January jobs report. The U.S. economy added 517,000 jobs in January, blowing past Dow Jones estimates of a jobs gain of 187,000 last month.
Prices for the 10-year Treasury staggered, lifting yields to 3.53% from Thursday's 3.39%. Treasury prices and yields move in opposite directions.
Oil prices faded $2.65 to $73.23 U.S. a barrel.
Gold prices slumped $52.70 to $1,878.10 U.S. an ounce.