Sunday, 2 Oct, 2022

US stocks rise in whipsaw session after Amazon gives tech shares a big boost

Drew Angerer/Getty ImagesThe Nasdaq Composite turned higher Friday in another volatile session on Wall Street. Tech stocks climbed as Amazon posted..


Traders and financial professionals work at the opening bell on the floor of the New York Stock Exchange

  • The Nasdaq Composite turned higher Friday in another volatile session on Wall Street. 
  • Tech stocks climbed as Amazon posted strong earnings results. 
  • Wall Street's major benchmarks pulled out a win for the week. 

US stocks finished Friday's volatile session mostly higher as investors zeroed in on strong earnings from Amazon and set aside concerns that January's blowout jobs report will anchor the Federal Reserve's path toward aggressive rate hikes. 

The Nasdaq Composite led gains among major indexes, while the S&P 500 also reversed course and rose to solidify daily and weekly advances. The Dow Jones Industrial Average closed slightly lower

Amazon was a standout, soaring after the e-commerce giant said it will raise the price of its Prime membership and posted per-share earnings of $27.75, compared with a consensus of $3.77.

Here's where US indexes stood at 4:00 p.m. on Friday:   

  • S&P 500: 4,500.62, up 0.52% 
  • Dow Jones Industrial Average: 35,089.81, down 0.06% 
  • Nasdaq Composite: 14,098.01, up 1.58% 

Stocks had fallen earlier Friday after the Labor Department said the US economy added 467,000 jobs last month, outstripping the median forecast for 150,000 new nonfarm payrolls from economists surveyed by Bloomberg. 

"A better-than-expected jobs report only fuels the Fed's fire to raise rates, and act quickly. While they've already signaled that the labor market is in a good place, there was potential for Omicron to derail that progress—and that just doesn't seem to be the case," said Mike Loewengart, managing director of investment strategy at E-Trade, in a note. 

Volatility stems from the market "typically unwelcoming of news that could accelerate the pace of action from the Fed," he said.  

Around markets, Warren Buffett is now richer than Mark Zuckerberg after shares of Meta lost almost $240 billion in Thursday's slide. 

The head of digital asset strategy at Fundstrat explains the major catalysts that could drive bitcoin to $200K and ethereum to $12K by the end of 2022. 

Oil prices turned mixed. West Texas Intermediate crude gained 2.2% to $92.23 per barrel. Brent crude, the international benchmark, flipped lower, down a penny at $93.26.

Gold reversed losses to rise 0.2% to $1,807.50 per ounce. The 10-year yield climbed 9 basis points to 1.929%. 

Bitcoin soared 9.5% to $40,616.18. 

Read the original article on Business Insider


By: [email protected] (Carla Mozée)
Title: US stocks close higher in whipsaw session as Amazon gives big boost to tech shares
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Published Date: Fri, 04 Feb 2022 21:08:46 +0000

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