DOW Jumps 475 Points, Bezos Steps Down

The DOW Jones soars up 475 points today as Google and Amazon reported massive Q4 earnings at yesterday’s closing bell.

S&P 500 numbers are up by 52.45 points(1.4%), while the Nasdaq is also up 209.38 points (1.6%) from Tuesday’s close.

The market upturn is in part due to Amazon’s massive $100 billion-plus earning from last quarter, which shattered all predictions. Amazon had more shocking news on Tuesday, announcing that CEO Jeff Bezos would be stepping down as the company’s CEO. Bezos will remain at the company as an executive chairman, and will be succeeded by Andy Jassy, head of Amazon Web Services (AWS).

Google also posted record-making profits at yesterday’s close, as shares surged by 8%. This is a 52-week high for the tech giant.

ADP provided private-sector employment numbers today, showing that 174,000 jobs were created in January. This is a large improvement over December’s 78,000 drop in private-sector positions.

The US Dollar Index (DXY) jumped slightly by 0.1% yesterday. The Stoxx 600 Europe Index rose by 0.5%, with the London FTSE saw a small gain of of 0.2%.

In Asia, the Shanghai Composite dropped by 0.5% before close of day, while the Hong Kong HSI jumped 0.2 and Japan’s Nikkei rose 1%.

The US benchmark for oil futures gained ground, up 0.8% to $52.22 a barrel on the New York Mercantile Exchange. Investors expect this to drop slightly after the OPEC+ meeting later in February.

Gold Futures have stayed relatively neutral, but did jump slightly by 0.3% to trade near $1,838.40 per ounce. Sliver has continued to climb today, gaining 2.4% at this morning’s open.

© Fourth Estate® — All Rights Reserved.
This material may not be published, broadcast, rewritten or redistributed.