Stock Markets Rally , as Meta Leads , Tech Comeback.
On February 2, the S&P 500 jumped to its highest level in five months as better-than-expected results from Meta improved the outlook for technology shares.
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NBC reports that a faltering technology sector led the market lower in 2022.
The broader market index climbed 1.2% to reach its highest level since last August.
The Nasdaq Composite jumped up 3% to reach its highest level since September.
Meanwhile, the DOW Jones Industrial Average underperformed, dropping 155 points.
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NBC reports that the DOW was dragged down by Merck after the pharmaceutical firm issued a weak outlook with the company's latest earnings results.
NBC reports that the DOW was dragged down by Merck after the pharmaceutical firm issued a weak outlook with the company's latest earnings results.
In its best day since 2013, Meta leapt up over 27% after reporting a fourth-quarter beat on revenue and announcing a huge $40 billion buyback.
In its best day since 2013, Meta leapt up over 27% after reporting a fourth-quarter beat on revenue and announcing a huge $40 billion buyback.
NBC reports that other tech stocks rose on the positive Meta results, with shares of Google parent Alphabet up over 6% and Amazon up more than 7%.
NBC reports that other tech stocks rose on the positive Meta results, with shares of Google parent Alphabet up over 6% and Amazon up more than 7%.
So far in 2023, the S&P 500 information technology sector is up over 14%, following a decline of over 28% in 2022.
It’s showing that growth is outperforming value as it unwinds some of the pressures that hawkish rhetoric brought to risk markets over the course of 2022, Keith Buchanan, senior portfolio manager at GLOBALT Investments, via NBC
