The week’s volatility continued on Wall Street but markets finished up today, buoyed by a dramatic rise in the price of Facebook stock & and an increase in the cost of oil. U.S. crude oil futures settled above $33 a barrel. Facebook stock leaped 15.5% and Amazon gained 8.9% percent ahead of its earnings report. Apple closed up 0.7%.
Marc Chaikin, CEO of Chaikin Analytics was not overly impressed by today tech gains, however.
“It’s really Facebook and Amazon that are driving the market but my real concern as we pull back from the highs is this market is going to run up to resistance on any rally. The inability of the market to hold up on good news (from stocks) like Facebook, which is a key player, is not good news.”
More on today’s market activity from CNBC below.
Here are the final numbers from Thursday, 1/28/16 on Wall Street.
Dow Jones Industrial Average: 16,069.64 (+125.18 / +0.79%)
NASDAQ: 4,506.68 (+38.51 / +0.86%)
S&P 500: 1,893.36 (+10.41 / +0.55%)