S&P 500 advances more than 1% to its best level in five months as Meta leads tech-fueled rally 
The S&P 500 rose to its highest level in five months on Thursday as better-than-expected Meta results further improved sentiment around technology shares, which led the market lower last year. 
The broader market index jumped 1.47% to 4,179.76, or its best level since August. Meanwhile, the tech-heavy Nasdaq Composite advanced 3.25% to 12,200.82, or its highest level since September. The gains come ahead of a trio of Big Tech results after the bell in Apple, Amazon and Alphabet. 
Meta surged 23% in its best day since 2013 after reporting a fourth-quarter beat on revenue and announcing a $40 billion stock buyback. That helped investors look past losses in the business unit overseeing the metaverse. 
At the same time, the Dow Jones Industrial Average underperformed, falling 39.02 points, or 0.11%, to 34,053.94. The major index was dragged lower by Merck shares after the pharmaceutical firm issued a weak outlook in its latest earnings results, despite beating analysts’ estimates on the top and bottom lines. 
EedEx advanced 6.4% after the shipping company announced it was laying off 10% of its officers and directors. Analysts at Citi and Bank of America applauded the decision, saying the company was getting its costs under control as demand slid. Both firms upgraded the stock to buy from neutral. 
Coinbase surged 20% after a class-action suit against Coinbase was dismissed by a Manhattan federal judge. 
Apple missed expectations for revenue, profit, and sales for many of its lines of business on Thursday, sending the stock lower in extended trading. Apple’s overall sales for the holiday quarter were about 5% lower than last year’s, the first year-over-year sales decline since 2019. 
Amazon on Thursday issued first-quarter guidance that came in light of estimates, overshadowing better-than-expected revenue for the fourth quarter. The stock slid after hours, erasing most its rally from the regular trading day. 
Alphabet missed on both top and bottom lines when it reported fourth quarter earnings after the bell Thursday. The company’s stock dropped as much as 6% after hours, erasing much of the 7.28% it gained in normal trading hours. 

The European Central Bank announced it would raise its interest rate by 50 basis points, bringing its policy rate to 2.5%. 
Italian luxury carmaker Ferrari a 16% year-on-year increase in core adjusted earnings for 2022, signaling an “even stronger” year to come. 
Deutsche Bank reported its 10th straight quarter of profit, receiving a boost from higher interest rates and favorable market conditions. 
Source: CNBC, Investing.com