US stock markets finished the week on a positive note, with the Nasdaq gaining 1.6%, the S&P 500 up 0.5% and the Dow Jones falling slightly.
Amazon’s massive day
Amazon.com Inc (NASDAQ: AMZN) was the biggest contributor, with the company delivering the largest single-day market value gain in history after jumping 13%.
This comes one day after Facebook (NASDAQ: FB) suffered the biggest single-day market value loss.
Amazon reported a far stronger than expected result, delivering another record revenue quarter of US$137 billion.
Its investment in electric vehicle maker Rivian (NASDAQ: RIVN) delivered US$11 billion in quarterly profit, whilst the cloud business Amazon Web Services continues to grow strongly, offsetting the loss leading e-commerce business.
Snap shares surge
Snap (NYSE: SNAP) offered an insight into the other side of the social media spectrum with shares flying over 58% after reporting its first profit, of just $US22 million.
The group is seeing strong growth in users and advertising, as users move away from Facebook.
US unemployment rate rises
In economic news, the US economy added another 467,000 jobs in January, but the unemployment rate increased to 4%.
Over the week, all three benchmarks delivered gains, with the Nasdaq leading the way, up 2.4%, the S&P 500 up 1.6% and the Dow Jones adding 1.1% as the tech strength returned.
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is set to open lower this morning. ANZ (ASX: ANZ) is expected to release its quarterly result, as per Rask Media’s ASX reporting season calendar.
