Tech companies have big day, tumble after hours

Feb. 2 (UPI) -- The U.S. stock market response to the latest 25 basis point interest hike by the Federal Reserve was mostly positive Thursday, particularly in the technology industry.

The Nasdaq Composite had the biggest boost on the day, finishing up 384.5 points or 3.25% to 12,200.82. The S&P 500 hit its highest mark since August, according to Market Watch, closing up 60.55 points or 1.47% at 4,179.76. The Dow Jones Industrial Average fell 39.02 points or 0.11% to 34,053.93.

Meta was among the biggest winners of the day, with shares finishing up 23.28% to $188.77. Apple closed up 3.71% at $150.82 and Alphabet, Google's parent company, was up 7.27% at $108.80.

Several companies released financial reports after close, adding some pessimism for futures following an otherwise optimistic day.

Apple fell 2.92 points or 1.94% after hours following the release of its first quarter results. The tech giant's quarterly revenue of $117.2 billion was down 5% over last year with earnings per share down to $1.88.

Rather than discussing the results, CEO Tim Cook focused on the product line from Apple, and a record $20.8 billion in revenue from services.

"As we all continue to navigate a challenging environment, we are proud to have our best lineup of products and services ever, and as always, we remain focused on the long term and are leading with our values in everything we do," Cook said.

Similarly Amazon dropped 4.68 points or 4.14% after hours, even after beating fourth-quarter projections, CNBC reports. The company reported $149.20 billion in revenue. Net sales increased 9%, including a 13% increase in North America.

"In the short term, we face an uncertain economy, but we remain quite optimistic about the long-term opportunities for Amazon," said CEO Andy Jassy.

Ford CEO Jim Farley said his company "left about $2 billion in profits on the table that were within our control," in its fourth quarter earnings report. The automaker did $44 billion in revenue for the quarter with a $1.3 billion net income. Shares in Ford were down 0.93 points or 6.49% to $14.92 after hours after closing up 3.77% on the day.