Stocks rose on Friday to finish the week strong after briefly losing January’s rally momentum.
The Dow Jones Industrial Average added 330.93 points, or 1%, to close at 33,375.49, while the S&P 500 advanced 1.89%, to 3,972.61. Both indices snapped a three-day losing streak. Meanwhile, the Nasdaq Composite rose 2.66%, helped by Netflix and Alphabet, to end the day at 11,140.43.
The Nasdaq was also the best performer of the week, posting a gain of 0.55% and its third consecutive positive week. The Dow ended the week down 2.70%, and the S&P posted a loss of 0.66%, both breaking a two-week winning streak.
All major averages remain in positive territory for the year.
“We had a more emotional reaction than expected,” said Jeff Kilburg, founder and CEO of KKM Financial. “A lot of people became very pessimistic and we saw parabolic moves to start the year. Now, as expected, the markets are not going in a straight line.”
“We are finding a way to keep moving and we have higher lows,” he added. “Higher lows put little confidence in the bulls. However, technicians still favor the bears and sell the highs.”
Investors continued to monitor the earnings reports and the big tech stocks led the market higher. Netflix gained about 8.5% after that Posted more subscribers than expected Although its quarterly earnings came in below analysts’ estimates. Alphabet rose more than 5% after the company announced it would lay off 12,000 employees.
“You’re seeing more heft in some of the hitting technology, and because people are becoming a little bit more minded about the opportunity in the sheer tech wrench that we’ve seen in 2022,” Kilburg said.
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