Home News US markets ended the week with gains as technology stocks rose

US markets ended the week with gains as technology stocks rose

by SuperiorInvest

Key things

  • The Nasdaq led the major U.S. stock indexes higher on Jan. 29, with technology stocks providing support to the overall market.
  • The Dow and S&P 500 also posted gains on Friday, although both indexes posted losses for the holiday-shortened week.
  • Shares of Goldman Sachs fell on news of a Federal Reserve investigation into the firm’s consumer business.

It was a solid end to the week for U.S. stocks, which were mostly down as tech stocks helped lift the overall market. For the shortened trading week, the Dow fell 2.7% and the S&P 500 lost 0.7%, but the Nasdaq gained 0.6%. It was the third consecutive winning week for the Nasdaq.

The session on January 20 was all about the tech sector, which was buoyed by Netflix (NFLX), as shares jumped 8.5% after the biggest streaming service provider made the announcement added many more subscribers than estimated last quarter. Shares of industry rivals, including Walt Disney (DIS) and Warner Bros. Discovery (WBD), Advanced. alphabet (GOOGLE) shares added 5% after the company announced that it would cut 12,000 jobs. Along with Alphabet, shares of other widely held tech giants Apple (AAPL), Meta Platforms (META), Amazon (AMZN) and Microsoft (MSFT).

A banking company that caters to the technology sector, SVB Financial Group (SIVB), saw its shares rise 16% after the earnings report. Shares of Synchrony Financial (SYF), Signature Bank (SBNY) and KeyCorp (KEY) also increased. Acquired shares of airlines, cruise lines, hotels and booking portals.

The Goldman Sachs probe

Goldman Sachs (GS) was the top-performing stock in both the Dow and the S&P 500 following news of a Federal Reserve investigation into its consumer business. Eli Lilly (LLY) shares fell after the drugmaker’s request for expedited approval of its experimental Alzheimer’s disease treatment was denied. Food and Drug Administration (FDA). Shares of American Tower Corporation (AMT) there was news that the company might be considering buying the Spanish mobile operator Cellnex.

Oil futures rose 1%. Gold prices rose. The yield on the 10-year government bond increased. The US dollar rose against the yen, but lost against the euro and pound. Major cryptocurrencies were trading higher, with Bitcoin (BTC/USD) moving above $22,000.

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