S&P 500 retakes 4,500, and Nasdaq Composite rises 1.6% as stock market books 2nd weekly gain in a row after jobs report

By Mark DeCambre

U.S. stocks mostly closed higher Friday, as investors focused on large-capitalization companies quarterly results, which helped ease concerns about a more aggressive Federal Reserve following a much stronger-than-expected January jobs report.

• The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +1.05% closed down by about 21 points, or less than 0.1%, to reach 35,089, on a preliminary basis. Declines in UnitedHealth Group Inc . /zigman2/quotes/210453738/composite UNH +0.73% , Home Depot /zigman2/quotes/208081807/composite HD +1.75% and 3M Co . /zigman2/quotes/205029460/composite MMM -0.71% helped to overshadow big gains in Goldman Sachs Group Inc . /zigman2/quotes/209237603/composite GS +0.74% and salesforce.com /zigman2/quotes/200515854/composite CRM +1.91% .

• The S&P 500 index /zigman2/quotes/210599714/realtime SPX +1.06% rose 23 points, or 0.5%, to end at around 4,500, powered by gains in consumer discretionary /zigman2/quotes/210600228/delayed XX:SP500.25 +1.97% , up 3.7%, with Amazon.com Inc. /zigman2/quotes/210331248/composite AMZN +3.15% serving as the biggest constituent of that sector.

• The Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP +0.90% advanced 1.6% to 14,098.

• For the week, the Dow rose 1.1%, the S&P 500 advanced 1.6% and the Nasdaq Composite climbed 2.4%.

• It was the second straight weekly climb for the three major stock gauges.

• The 2-year Treasury note yields /zigman2/quotes/211347045/realtime BX:TMUBMUSD02Y 0.00% 1.322%, marking the biggest one-day yield gain since March 10, 2020 and its highest yield since Feb. 21, 2020, based on 3 p.m. Eastern Time values.

Friday’s trade came as the government reported that the U.S. economy  added 467,000 jobs  in January and hiring was much stronger at the end of 2021 than originally estimated.

The unemployment rate ticked up to 4% from 3.9%, while the percentage of people in the labor force ticked up to a pandemic high of 62.2%.

Meanwhile, Amazon shares soared around 13%, buoying the Nasdaq after the e-commerce giant delivered  blowout results  late Thursday. Some $11.8 billion of the $14.3 billion fourth-quarter profit it reported was from an investment in Rivian Automotive, which went public in the quarter.

/zigman2/quotes/210598065/realtime

Add to watchlist DJIA

Dow Jones Industrial Average

US : Dow Jones Global

31,097.26

+321.83 +1.05%

Volume: 313.35M

July 1, 2022 5:45p

/zigman2/quotes/210453738/composite

Add to watchlist UNH

UnitedHealth Group Inc.

US : U.S.: NYSE

$ 517.40

+3.77 +0.73%

Volume: 2.43M

July 1, 2022 4:00p

P/E Ratio

28.31

Dividend Yield

1.28%

Market Cap

$485.41 billion

Rev. per Employee

$850,143

/zigman2/quotes/208081807/composite

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Home Depot Inc.

US : U.S.: NYSE

$ 279.08

+4.81 +1.75%

Volume: 2.82M

July 1, 2022 4:00p

P/E Ratio

17.72

Dividend Yield

2.72%

Market Cap

$286.83 billion

Rev. per Employee

$310,976

/zigman2/quotes/205029460/composite

Add to watchlist MMM

3M Co.

US : U.S.: NYSE

$ 128.49

-0.92 -0.71%

Volume: 3.72M

July 1, 2022 4:03p

P/E Ratio

13.38

Dividend Yield

4.64%

Market Cap

$73.12 billion

Rev. per Employee

$371,926

/zigman2/quotes/209237603/composite

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Goldman Sachs Group Inc.

US : U.S.: NYSE

$ 299.23

+2.21 +0.74%

Volume: 1.75M

July 1, 2022 4:00p

P/E Ratio

5.81

Dividend Yield

2.67%

Market Cap

$102.77 billion

Rev. per Employee

$1.32M

/zigman2/quotes/200515854/composite

Add to watchlist CRM

Salesforce Inc.

US : U.S.: NYSE

$ 168.20

+3.16 +1.91%

Volume: 4.56M

July 1, 2022 4:00p

P/E Ratio

163.25

Dividend Yield

N/A

Market Cap

$167.36 billion

Rev. per Employee

$379,924

/zigman2/quotes/210599714/realtime

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S&P 500 Index

US : S&P US

3,825.33

+39.95 +1.06%

Volume: 2.20B

July 1, 2022 5:45p

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S&P 500 Consumer Discretionary Sector Index

XX : S&P US

1,098.96

+21.18 +1.97%

Volume: 379.72M

July 1, 2022 5:45p

/zigman2/quotes/210331248/composite

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Amazon.com Inc.

US : U.S.: Nasdaq

$ 109.56

+3.35 +3.15%

Volume: 73.02M

July 1, 2022 4:00p

P/E Ratio

52.84

Dividend Yield

N/A

Market Cap

$1114.71 billion

Rev. per Employee

$297,107

/zigman2/quotes/210598365/realtime

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NASDAQ Composite Index

US : Nasdaq

11,127.85

+99.11 +0.90%

Volume: 4.11M

July 1, 2022 5:16p

/zigman2/quotes/211347045/realtime

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U.S. 2 Year Treasury Note

BX : Tullett Prebon

2.84

0.00 0.00%

Volume: 0.00

July 1, 2022 1:56p