The stock market extended this week’s gains amid a rally in big tech and as a solid jobs report bolstered the outlook for corporate profits. Bonds fell.
The equity market continued to show resilience near its all-time highs, with the S&P 500 topping 4,900. The tech-heavy Nasdaq 100 climbed 1% thanks to bullish outlooks from two megacaps: Meta Platforms Inc. and Amazon.com Inc. Optimism about the economy outweighed bets the Federal Reserve will refrain from cutting rates in the first quarter. Treasury yields climbed across the US curve, with two-year rates soaring 16 points to 4.37%.