Now THAT’Sa session worthy of a strong earnings season! The market has been folding its arms in response to solid quarterly numbers of late, but today each of the major indices jumped by 1% or more amid a tech rebound.
We can thank good old Facebook for leading the way on Thursday, as the social media giant hasn’t lost a step in the wake of Cambridge Analytica and Mark Zuckerberg’s Congressional testimony.
Backed up by Facebook, the NASDAQ had no problem ending its five-session losing streak on Thursday. It was easily the best-performing index of the Big 3 with a surge of 1.64% to 7118.7. Best of all, Amazon just reported tremendous profit growth after the bell today, so this index and the market in general could have another shot in the arm on Friday that would pave the way for a third straight week of gains. As of this writing, shares of AMZN are up about 6% after hours.
Meanwhile, the S&P was up 1.04% to 2666.9. The Dow ended its own 5-day losing streak yesterday, and today it added another 0.99% to 24,322.3. In addition to the rebound in tech, stocks also benefited from the 10-year Treasury note falling back below 3%.
"Earnings are finally helping the market like they were supposed to. Last week it seemed like everything was getting sold into and it didn’t matter what the numbers were. This week we see the fundamentals are moving the stocks via earnings and that is helping the market grind higher,"said Jeremy in Counterstrike