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Meta Platforms Inc. (META) reached a new all-time high, closing at $590.74, up by $7.97 (+1.37%) as of October 4, 2024. The stock recorded a 52-week range of $279.40 – $583.36, breaking above its prior highs, with intraday highs touching $591.89. The surge in Meta’s stock comes alongside a broader market rally driven by strong U.S. economic data, further fueling investor confidence in the market’s resilience.
Markets Respond Positively to Robust Jobs Report
The S&P 500 rose by 0.6%, while the Nasdaq Composite jumped 0.9%, and the Dow Jones Industrial Average added 205 points (0.5%) after the release of a jobs report exceeding expectations. Nonfarm payrolls showed an increase of 254,000 jobs in September, well above the anticipated 150,000. The unemployment rate dipped slightly to 4.1%, beating the forecasted steady rate of 4.2%.
Michelle Cluver, head of ETF model portfolios at Global X, commented that the labor market’s strength is reassuring for the U.S. economy, supporting the potential for a “soft landing.” This upbeat economic news provided a favorable environment for the equity market, contributing to Friday’s rally.
Mega-Cap Tech & Energy Stocks Drive Market Gains
Mega-cap tech stocks, including Tesla, Amazon, and Netflix, saw notable climbs, contributing to the Nasdaq’s outperformance. Small-cap stocks also joined the rally, with the Russell 2000 gaining over 1%.
Despite the upward momentum on Friday, it wasn’t enough to offset recent losses caused by geopolitical tensions in the Middle East. The major indices are set to break their three-week winning streak, with both the Dow and Nasdaq dropping 0.2% for the week and the S&P 500 down by 0.1%.