The major averages opened mixed, but then rallied into the close following mixed earnings from tech titans and a much stronger than expected January jobs report. The Dow Jones Industrial Average rose 134 points after falling 85 points on the open. The S&P 500 rose 52 points or 1% while the Nasdaq rose 267 points or 1.74%.

Treasury yields jumped and the averages sold off this morning on the back of the stronger-than-expected jobs report. The U.S. economy added 353,000 jobs in January, well above the Dow Jones estimate of 185,000. The data also showed greater-than-expected wage growth. Wages expanded by 4.5%, more than a 4.1% forecast. This comes after Fed Chair Jerome Powell signaled this week that a March rate cut was unlikely. The benchmark 10-year Treasury yield jumped 17 basis points to 4.02%

The big cap techs were mixed this morning. Meta jumped 20% easily beating estimates as they will start a quarterly dividend for the first time and with authorized a $50 billion share buyback program. Amazon jumped 7% on better-than-expected earnings. Apple fell 3% on the open after the company posted a decline in sales in China during the fiscal first quarter. The stock did recover closing down just 0.5%.

Outside the tech space, the markets are pretty mixed. Clorox is higher on earnings. Clorox jumped 5% on earnings. Exxon and Chevron were modestly higher on earnings. In the retail space, Decker Outdoors jumped 14% on earnings while Skechers and Columbia Sportswear were lower on earnings.

For the week, the S&P 500 added 1.4%, the Nasdaq Composite gained 1.1% and the Dow rose 1.4%. It was the fourth week in a row of gains for the major benchmarks after a stumble to start 2024.