U.S. stocks mostly closed higher Friday, as investors focused on large-capitalization companies quarterly results, which helped ease concerns about a more aggressive Federal Reserve following a much stronger-than-expected January jobs report.
- The Dow Jones Industrial Average DJIA, -0.06% closed down by about 21 points, or less than 0.1%, to reach 35,089, on a preliminary basis. Declines in UnitedHealth Group Inc. UNH, -1.15%, Home Depot HD, -1.41% and 3M Co. MMM, -2.23% helped to overshadow big gains in Goldman Sachs Group Inc. GS, +2.43% and salesforce.com CRM, +3.04%.
- The S&P 500 index SPX, +0.52% rose 23 points, or 0.5%, to end at around 4,500, powered by gains in consumer discretionary SP500.25, +3.74%, up 3.7%, with Amazon.com Inc. AMZN, +13.54% serving as the biggest constituent of that sector.
- The Nasdaq Composite Index COMP, +1.58% advanced 1.6% to 14,098.
- For the week, the Dow rose 1.1%, the S&P 500 advanced 1.6% and the Nasdaq Composite climbed 2.4%.
- It was the second straight weekly climb for the three major stock gauges.
- The 2-year Treasury note yields TMUBMUSD02Y, 1.316% 1.322%, marking the biggest one-day yield gain since March 10, 2020 and its highest yield since Feb. 21, 2020, based on 3 p.m. Eastern Time values.
Friday’s trade came as the government reported that the U.S. economy added 467,000 jobs in January and hiring was much stronger at the end of 2021 than originally estimated.
The unemployment rate ticked up to 4% from 3.9%, while the percentage of people in the labor force ticked up to a pandemic high of 62.2%.
Meanwhile, Amazon shares soared around 13%, buoying the Nasdaq after the e-commerce giant delivered blowout results late Thursday. Some $11.8 billion of the $14.3 billion fourth-quarter profit it reported was from an investment in Rivian Automotive, which went public in the quarter.