Stock market today: Live updates

The S&P 500 notched a fresh record high on Friday as quarterly results from technology companies including Facebook-parent Meta topped expectations and the January jobs report came in much better than expected.

The broad market index added 1.1% to close at 4,958.61, above its previous record close of 4,927.93 reached on Monday. The Dow Jones Industrial Average added 134.58 points, or 0.4%, to 38,654.42, also a record close. The Nasdaq Composite climbed 1.7% to 15,628.95.

Shares of Meta popped more than 20% after the social-media giant’s quarterly results topped analysts’ expectations. The Facebook-parent also announced it will pay a quarterly dividend for the first time, and it authorized a $50 billion share buyback program. Amazon shares jumped 7.9% on a fourth-quarter earnings beat.

The rise in tech stocks helped shift investor focus from a scorching jobs report earlier on Friday that spiked interest rates. The benchmark 10-year Treasury yield jumped a whopping 17 basis points to 4.02% after the government reported the U.S. economy added 353,000 jobs in January, well above the Dow Jones estimate from economists of 185,000. (1 basis point equals 0.01%.)

“The price action today is a display that tech can decouple from the rates narrative and trade more on fundamentals,” said Dylan Kremer, chief investment officer of Certuity. “You’re in this window where tech can trade higher despite where rates are going, and that’s catching people off guard.”

The report also included inflationary data in the form of greater-than-expected wage growth. Wages expanded by 4.5% year over year, more than a 4.1% forecast. This report and comments from Fed Chair Jerome Powell on Wednesday likely pushes the chances of a rate cut back to May or the second half of the year.

But investors instead focused on the resiliency of the economy and how that would keep boosting profits.

For the week, the S&P 500 added 1.4%, the Nasdaq Composite gained 1.1% and the Dow rose 1.4%. It was the fourth week in a row of gains for the major benchmarks after a stumble to start 2024.

Along with surging rates, the market shook off a tepid Apple quarter. The shares sat out the Friday rally and closed essentially flat after the iPhone juggernaut posted a 13% sales decline in China.