From Investing.com:

The S&P 500 and Dow closed at record levels, with Meta’s gains boosting big tech even as a blowout jobs report clouded the Fed rate-cut outlook. By 16:00 ET, the S&P 500 rose 1.3% to close at a record high of 4,957.75, and the Dow soared 134 points, or 0.4%, to a new high of 38,654.42, while the Nasdaq climbed 1.7%.

Meta Platforms stock surged 20% after paying its first dividend and unveiling $50 billion in share buybacks. Amazon.com Inc jumped more than 7% on strong Q4 results, while Apple recovered from losses when its China iPhone sales fell short. Intel Corporation’s stock fell more than 2% on chip market challenges and semiconductor factory delays in Ohio.

The blowout U.S. jobs report for January saw 353,000 jobs added, well beyond the expected 187,000. Employment numbers surged as average hourly earnings climbed 0.6%, complicating the Fed’s rate-cut plan. Solid consumer activity and inflation uncertainties could mean rate hikes by the second half of the year, according to Stifel.

Exxon Mobil Corp and Chevron rose after trumping earnings expectations, thanks to higher production offsetting falling oil prices.



Read more: S&P 500 clinches record high as Meta’s mega rally fuels bulls By Investing.com