** S&P 500 rises for 2nd straight week, finishes up 1.6%, even with three big threats: earnings, tight labor market and rates
** In any event, the Nasdaq kicked off the week as another brick in the wall came down
** Tech, growth stocks, rallied Weds as yields retreated during Powell presser
** And then there was a golden cross on the SPX , leading up to the IXIC posting its 5th-straight weekly gain
** Most sectors defy the angst: communication services and tech sail on, while utilities and energy batten down hatches
** Communication services pops 5.3%. Facebook-parent Meta surges on lower costs, big buyback, upbeat sales forecast . META jumps 23% Though Google-owner Alphabet falls Fri on Q4 sales miss as ad business slips
** Tech leaps 3.7%. Apple recovers Fri despite profit miss and forecasting rev fall . Advanced Micro gains after chipmaker's rev beat . Philadelphia Semi index up nearly 5%
** Consumer discretionary up 2.2%. Amazon.com slumps Fri as outlook disappoints . AMZN clings to 1% gain on the week
** Financials up 0.9%. Banks outperform Fri after blow out jobs number has markets fretting over rate-hike prospects . SPXBK rises ~2%
** Healthcare edges down 0.1%. But top SPX performer Align Tech , up 27%, after orthodontics firm's first beat in a year
** Energy slides 5.9%. Sector drops as U.S. govt data shows big builds in crude, fuel inventories . Exxon climbs Tues on $56 bln record profit in 2022 , while ConocoPhillips falls after Q4 profit miss
** Meanwhile, on crude futures , is trader Joe eyeing his fill? , and at the halfway mark, U.S. earnings looking even weaker
** SPX performance YTD:
(Lance Tupper and Terence Gabriel are Reuters market analysts. The views expressed are their own)
lance.tupper@tr.com terence.gabriel.tr.com@reuters.net terence.gabriel@tr.com))