The end of the trading week was marked by gains in tech stocks. Investors poured money into a huge number of companies in the sector, buoyed by strong quarterly results from the sector’s leading companies. This resulted in a broad-based rally across the board, with stock prices rising across many technology sectors.
alphabet (NASDAQ:GOOG)(NASDAQ:Google)For example, both of the company’s publicly traded stocks rose nearly 1%, while semiconductor and other components specialist Broadcom’s (NASDAQ:AVGO) Enjoyed a 2% profit.Content Delivery Network (CDN) and Cybersecurity Company cloudflare (NYSE:Net) and cloud service providers data dog (NASDAQ:DDOG) They rose nearly 4% and 6%, respectively.
The technology industry was booming.
This week has been a remarkable week for tech stocks. Even just on Thursday, meta platform (Owner of Facebook and Instagram) and Amazon Both reported boffo and beat expectations for the quarter. This has injected further life into a resurgent sector that has looked very strong so far this year.
Two technology leaders, Amazon, both in the social media meta and in e-commerce and cloud computing through Amazon Web Services (AWS), have historically posted quarters that far exceeded expectations. However, as Meta announced its first-ever dividend, Amazon benefited from Black Friday and Cyber Monday alone, with customers purchasing over 1 billion amazing items through the company’s site. , these felt a little different.
So for a fleeting moment of brilliance, the tech industry as a whole couldn’t have done worse. Users and clients are clearly hungry for a variety of services, including specialized cloud products, enhanced search functionality, and content delivery network products, to play online videos more smoothly.
Adding fuel to this happy bonfire was the latest national monthly employment statistics released today by the Ministry of Labor. Jobs continue to be added to the economy, with employers hiring 353,000 workers in the first month of 2024.
The revised figures for December increased the number of employees by an additional 100,000. This is still a strong economy, and a strong economy requires good technology.
looking forward to better days
Can the rally continue? I believe it will, and I believe it is likely. We’re in the middle of earnings season, but many notable tech stocks are still scheduled to report their latest quarterly results. Don’t be surprised if we see more winning days across the broader sector in the near future.
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Suzanne Frey, an Alphabet executive, is a member of the Motley Fool’s board of directors. Randi Zuckerberg is a former head of market development and spokesperson at Facebook, sister of Meta Platforms CEO Mark Zuckerberg, and a member of the Motley Fool’s board of directors. John Mackey, former CEO of Amazon subsidiary Whole Foods Market, is a member of the Motley Fool’s board of directors. Eric Volkman has a meta role on his platform. The Motley Fool has positions in and recommends Alphabet, Amazon, Cloudflare, Datadog, and Meta Platform. The Motley Fool recommends Broadcom. The Motley Fool has a disclosure policy.
Why major tech stocks like Alphabet and Broadcom soared on Friday was originally published by The Motley Fool