Big Tech stocks carried Wall Street to another record high, even as many stocks fell amid worries about the downside of a too-hot economy.
Big gains for Meta Platforms and Amazon pushed the S&P 500 index up 1.1% Friday. They also vaulted the Nasdaq composite up by 1.7%. The Dow Jones Industrial Average rose a more modest 0.3%, and more stocks fell overall on Wall Street than rose.
A strong jobs report pushed traders to further delay expectations for when the Federal Reserve may deliver the cuts to interest rates they desire. Treasury yields rose in the bond market.
On Friday:
The S&P 500 rose 52.42 points, or 1.1%, to 4,958.61.
The Dow Jones Industrial Average rose 134.58 points, or 0.3%, to 38,654.42.
The Nasdaq composite rose 267.31 points, or 1.7%, to 15,628.95.
The Russell 2000 index of smaller companies fell 11.69 points, or 0.6%, to 1,962.73.
For the week:
The S&P 500 is up 67.64 points, or 1.4%.
The Dow is up 544.99 points, or 1.4%.
The Nasdaq is up 173.59 points, or 1.1%.
The Russell 2000 is down 15.60 points, or 0.8%.
For the year:
The S&P 500 is up 188.78 points, or 4%.
The Dow is up 964.88 points, or 2.6%.
The Nasdaq is up 617.60 points, or 4.1%.
The Russell 2000 is down 64.34 points, or 3.2%.
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