Stock Markets Rally as Meta Leads Tech Comeback

Stock Markets Rally , as Meta Leads , Tech Comeback.
On February 2, the S&P 500 jumped to its highest level
in five months as better-than-expected results from
Meta improved the outlook for technology shares. .
NBC reports that a faltering
technology sector led
the market lower in 2022.
The broader market index
climbed 1.2% to reach its
highest level since last August.
The Nasdaq Composite jumped
up 3% to reach its highest
level since September.
Meanwhile, the DOW Jones
Industrial Average underperformed,
dropping 155 points. .
NBC reports that the DOW was dragged down by
Merck after the pharmaceutical firm issued a weak
outlook with the company's latest earnings results.
NBC reports that the DOW was dragged down by
Merck after the pharmaceutical firm issued a weak
outlook with the company's latest earnings results.
In its best day since 2013, Meta leapt up over
27% after reporting a fourth-quarter beat on
revenue and announcing a huge $40 billion buyback.
In its best day since 2013, Meta leapt up over
27% after reporting a fourth-quarter beat on
revenue and announcing a huge $40 billion buyback.
NBC reports that other tech stocks rose on the
positive Meta results, with shares of Google parent
Alphabet up over 6% and Amazon up more than 7%.
NBC reports that other tech stocks rose on the
positive Meta results, with shares of Google parent
Alphabet up over 6% and Amazon up more than 7%.
So far in 2023, the S&P 500 information
technology sector is up over 14%,
following a decline of over 28% in 2022.
It’s showing that growth is outperforming
value as it unwinds some of the pressures
that hawkish rhetoric brought to risk
markets over the course of 2022, Keith Buchanan, senior portfolio manager
at GLOBALT Investments, via NBC