Major U.S. indices finished higher on Friday as Amazon and Intel boosted market sentiment, overshadowing a weak October jobs report, with investors remaining focused on the upcoming Fed policy decision amid elevated market volatility.
The Dow Jones Industrial Average gained 288.7 points, or 0.7%, on Friday, closing at 42,052.2, as major indices rallied to start November. The S&P 500 climbed 0.4% to 5,728.8, while the tech-focused Nasdaq Composite rose 0.8%, ending at 18,239.9.
Amazon shares surged 6.2% as strength in its cloud and advertising sectors pushed the e-commerce leader's earnings above expectations.
Intel also saw a notable increase, jumping 7.8% on better-than-expected revenue and strong forward guidance.
These gains helped buoy investor confidence after some high-profile earnings misses earlier in the week.
Nonfarm payrolls data released Friday showed that the U.S. economy added only 12,000 jobs in October, far below the Dow Jones estimate of 100,000 and marking the weakest jobs growth since December 2020.
However, the unemployment rate remained at 4.1%, matching estimates. Traders largely dismissed the data, attributing the poor numbers to temporary disruptions, including hurricane impacts and a Boeing strike.
Investors remain focused on the upcoming U.S. presidential election on Nov. 5, and the Federal Reserve’s two-day policy meeting on Nov. 6-7.
Despite the rally, the week ended on a mixed note for major averages. The S&P 500 declined by 1.4%, while the Nasdaq lost 1.5% after earnings-driven drops in Microsoft and Meta Platforms. The Dow saw a modest 0.2% decline for the week.
On the bond markets, yields hit fresh 4-month highs, with the 10-year rate at 4.386% and the 2-year rate at 4.212%.