US Stocks Close Higher After Jobs Data; Amazon Rises on Strong Results

The CNN Money Fear and Greed index showed a positive shift in market sentiment, remaining in the "Neutral" zone on Friday.

U.S. stocks ended the day higher as investors reflected on the latest jobs data. Specifically, the U.S. economy added 12,000 jobs in October, which was a decrease compared to a revised addition of 223,000 jobs in September. This also fell short of the market's expectations of 113,000 new jobs. Meanwhile, average hourly earnings climbed by 0.4% to $35.46 in October, with the unemployment rate steady at 4.1%.

Notably, shares of Amazon.com Inc. surged more than 6% on Friday after the company reported third-quarter results that exceeded expectations. In contrast, Apple Inc. saw its shares drop over 1% following its fourth-quarter earnings results.

While most sectors on the S&P 500 closed in the red, particularly utilities, energy, and real estate experiencing the largest declines, consumer discretionary and information technology stocks ended the session positively.

The Dow Jones Industrial Average gained approximately 289 points, closing at 42,052.19. The S&P 500 rose by 0.41% to 5,728.80, and the Nasdaq Composite experienced a 0.80% increase, finishing at 18,239.92.

Despite the positive close on Friday, October was challenging for U.S. stocks, with the Dow down 1.3% and the broad market index dipping by 1% for the month.

Investors are now looking ahead to earnings reports from Constellation Energy Corporation, Marriott International, Inc., and Wynn Resorts, Limited that are set to be announced today.

Understanding the CNN Money Fear & Greed Index

Currently, the CNN Business Fear & Greed Index stands at 48.8, reflecting a modest improvement from the previous reading of 46.5, and remaining in the "Neutral" zone.

This index serves to gauge market sentiment, grounded on the idea that heightened fear dampens stock prices, while increased greed tends to boost them. It is calculated using seven equal-weighted indicators, with a range from 0 to 100, where 0 represents maximum fear and 100 indicates maximum greed.

Overall, the stock market reacted positively to recent economic data, showcasing shifts in sector performances while highlighting the notable movements of significant companies like Amazon and Apple.

stocks, market, economy