The S&P 500 climbed 0.6 percent on Friday to close at 5,026.61. It is now up more than 5 percent since the start of the year, and up nearly 40 percent since its October 2022 low.
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Technology stocks have played a big role in the recent run.
Tech giants, including Apple, Microsoft, Meta, Amazon and Alphabet, have enormous sway over the index because of their size, and after they reported earnings last week, several of these stocks have soared.
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The rally hasn’t been limited to tech stocks: Disney, Ford and Chipotle, for instance, also reported earnings in the past week that beat analyst estimates and pushed their shares higher. Nearly 70 percent of the companies in the S&P 500 had reported earnings as of Friday, with three-quarters of those reports better than expected, according to FactSet.
Source:https://www.nytimes.com/2024/02/09/business/stock-market-today.html?smid=nytcore-android-share
How is it that the tech stocks are leading the rally yet most of them are announcing major layoffs in the recent past?
