{"id":2681,"date":"2023-05-01T09:05:10","date_gmt":"2023-05-01T13:05:10","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/stock-market-today-dow-rallies-to-wrap-up-best-month-since-january\/"},"modified":"2023-05-01T09:05:10","modified_gmt":"2023-05-01T13:05:10","slug":"stock-market-today-dow-rallies-to-wrap-up-best-month-since-january","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=2681","title":{"rendered":"Stock market today: Dow rallies to wrap up best month since January"},"content":{"rendered":"<div>\n<div id=\"imgCarousel\" class=\"imgCarousel\">\n<p><span class=\"text\">\u00a9 Reuters. <\/span><br \/>\n<i class=\"imgGrad\"><\/i>\n<\/div>\n<p>Investing.com &#8212; The Dow closer higher Friday, wrapping up its best month since January as a surge in energy stocks on better-than-expected quarterly result offset a wobble in Amazon.<\/p>\n<p>The  gained 0.80%, or 272 points, taking total gains for April to 2.5%. The  added 0.7%, and the  gained 0.8%.<\/p>\n<p>Energy stocks jumped more than 1% as investors cheered better-than-expected quarterly results from the oil majors <span itemscope=\"\" itemtype=\"http:\/\/schema.org\/Corporation\"><span itemprop=\"name\"> Exxon Mobil <\/span><\/span> Corp (NYSE:) and <span itemscope=\"\" itemtype=\"http:\/\/schema.org\/Corporation\"><span itemprop=\"name\"> Chevron <\/span><\/span> Corp (NYSE:).<\/p>\n<p>Financials, meanwhile, remained in the green despite a 43% slump in <span itemscope=\"\" itemtype=\"http:\/\/schema.org\/Corporation\"><span itemprop=\"name\"> First Republic Bank <\/span><\/span> (NYSE:) after CNBC reported that regulators are looking to send the battered mid-size American lender into receivership to pave the way for a sale to another bank.<\/p>\n<p>A rally in <span itemscope=\"\" itemtype=\"http:\/\/schema.org\/Corporation\"><span itemprop=\"name\"> Comerica Inc <\/span><\/span> (NYSE:), U.S. Bancorp (NYSE:) and Zions Bancorporation (NASDAQ:) helped push the broader  sector up more than 1%.<\/p>\n<p>Materials were also involved in the heavy lifting for the broader market, led by a more than 4% surge in Eastman Chemical (NYSE:) after the company reported first-quarter  that topped analyst estimates.<\/p>\n<p>Amazon.com (NASDAQ:), meanwhile, delivered quarterly results that  on both the top and bottom lines, but the e-commerce giant also flagged slowing growth in cloud, sending its shares more than 4% lower.<\/p>\n<p>\u201cAmazon disclosed that the Q1 AWS 16% YoY revenue growth rate decelerated by 500bps in the month of April as the company continues to meet customer needs with respect to cloud computing optimizations,\u201d Goldman Sachs said in a note.<\/p>\n<p>Snap (NYSE:) was also trading deep in the red, down 17%, after the social media company reported first-quarter revenue that  short of Wall Street expectations amid a drop in advertising income.<\/p>\n<p>Intel Corporation (NASDAQ:) jumped more than 4% after reporting  underpinned by performance in its data center business.<\/p>\n<p>Looking to the second half of the year, Deutsche Bank said it remains confident that Intel \u201cshould see tailwinds from cyclically &amp; seasonally improving demand\u2026higher gross margin and generate incremental free cash flow.&#8221;<\/p>\n<p>The wave of earnings this week including from big tech mostly has continued to come in better-than-feared, stoking optimism that the broader market climb could continue.<\/p>\n<p>&#8220;The weight of evidence points us towards an accelerating global economy with earnings growth beating (lowered) expectations but more importantly forward revisions picking up not down,&#8221; Jay Pelosky, TPW Advisory Founder and Principal said in a note.<\/p>\n<p>On the economic front, signs that sticky inflation isn&#8217;t likely to go away anytime soon stoked investor expectations for a hawkish Federal Reserve at the upcoming 2-3 May . The economic data has been sending some mixed signals, Jefferies said, but &#8220;what is clear and consistent in the data is that inflation is still too high.&#8221;<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.investing.com\/news\/stock-market-news\/stock-market-today-dow-rallies-to-wrap-up-best-month-since-january-3068030\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a9 Reuters. Investing.com &#8212; The Dow closer higher Friday, wrapping up its best month since January as a surge in energy stocks on better-than-expected quarterly result offset a wobble in Amazon. The gained 0.80%, or 272 points, taking total gains for April to 2.5%. The added 0.7%, and the gained 0.8%. Energy stocks jumped more [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2682,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-2681","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Stock market today: Dow rallies to wrap up best month since January | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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