SPX: S&P 500 Shrugs Off Scorching Jobs Report to Hit Record, Meta Stock Powers Rally

Friday’s session was all but ordinary with a whopping 353,000 new jobs revealed for January. Also, Meta staged a gargantuan rally.

• The S&P 500 (SPX) closed at a fresh record high on Friday as investors cranked up the buying volume all the while trifling with a scorching jobs report. The broad-based index surged 1% to cross into unseen territory, finishing the session at 4,958 points. Along the way, it pushed through a nonfarm payrolls report revealing 353,000 new jobs for January.
• The mighty job figure easily smashed expectations for a cool 187,000 new hires. The labor market’s strong start of the year shrinks the probability of the Federal Reserve cutting interest rates in the near future. Apparently, this wasn’t enough to tame the animal spirits on Wall Street.
• Adding to the enthusiasm, Meta stock META made history on Friday. Shares of the social media giant skyrocketed 20% after a treat of an earnings report. When the rally ended with the bell, Meta was sitting on $204.5 billion in fresh daily gain. It was the biggest one-day market-cap jump for any company in the history of the stock market.