Stocks Rise After Strong Jobs Report, Tech Earnings

The stock market rose on Friday and closed the week in the green. Quarterly earnings reports from Meta (META) and Amazon (AMZN) exceeded expectations. In addition, stronger-than-expected January jobs report sent bond yields soaring.

The benchmark 10-year Treasury yield accelerated 17 basis points to 4.02% after the U.S. economy added 353,000 jobs in January. Such was above the 185,000 estimates.

Overall, S&P 500 was up 1.1% to 4,959, while NASDAQ increased 1.7% to 15,629.

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Here is the one-year chart of Adobe (ADBE) as of December 27, 2023, when the stock was at $596.

Adobe’s customers are loving new high tech offerings as its Generative AI offering, Firefly, saw strong demand with over 4.5 billion generations since its launch in March. This AI model innovation enables users to generate images from detailed text, utilizing Adobe’s stock images.

  • For improving photos, Adobe Photoshop now includes Generative Fill that places props into existing photos and Generative Expand that expands the margins of a photo and uses AI to create a larger image.
  • For improving logos and icons, Adobe Illustrator has seen advancements with the Beta introduction of Text to Vector, that allows users to generate icons, scenes, subjects, patterns, and gradients.

ADBE is part of the Conservative Growth Portfolio. David Sharek, Founder of School of Hard Stocks, thinks profits — and perhaps the stock — could grow 12% to 15% a year long-term.

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