October 2, 2022

DS Duke

Global Business In World

Dow Balloons 500+ for Best Day of ‘22

2 min read
U.S. stocks rallied into the close Friday as the market is set to wrap up...

U.S. stocks rallied into the close Friday as the market is set to wrap up a roller-coaster week.

U.S. stocks rallied into the close Friday to wrap up a roller-coaster week, buoyed by rebounding technology stocks.

The Dow Jones Industrials jumped 564.69 points, or 1.7%, to end the session at 34,725.47. The blue-chip average posted its best day since Dec. 6 after being down more than 350 points at its lows.

The S&P 500 powered higher 105.34 points, or 2.4%, to 4,431.85, its best session since June 2020.

The Dow finished the week 1.3% higher and the S&P 500 added 0.8% on the week, breaking a three-week losing streak.

The NASDAQ jumped 417.79 points, or 3.1%, to 13,770.57, buoyed by Apple’s post-earnings gain. The NASDAQ finished little changed week to date.

With January ending Monday, the S&P 500 is on pace for its weakest month since March 2020. The Dow could see its worst month since March 2020 and worst January since 2009. The tech-heavy NASDAQ is headed for its worst month since October 2008 and worst first month of the year of all time.

Shares of Apple jumped nearly 7% after stellar quarterly results, boosting the stock averages. The company reported its largest single quarter in terms of revenue ever even amid supply challenges and the lingering effects of the pandemic.

Big Tech names Microsoft, Amazon, Facebook-parent Meta and Google-parent Alphabet all closed Friday higher after being beaten up earlier in the week, providing support to the indexes.

On the downside, Chevron shares fell around 3% after missing Wall Street earnings expectations. Dow component Caterpillar dipped about 5% even after it topped profit estimates.

The major indexes have experienced outsized swings each day this week — including the Dow making up a more than 1,000-point intraday deficit to close higher on Monday for the first time ever. The S&P 500 has posted an intraday range of at least 2.25% every day this week

December’s core personal consumption expenditures price index, the Fed’s preferred inflation gauge, jumped 4.9% from the year prior, the Commerce Department reported Friday.

The PCE jump is higher than economists expected and the hottest reading since September 1983. Along with the inflation numbers, personal income rose 0.3% for the month, a touch lower than the 0.4% estimate.

Prices for 10-year Treasurys were higher, weighing yields to 1.79% from Thursday’s 1.81%. Treasury prices and yields move in opposite directions.

Oil prices hiked $1.44 to $88.05 U.S. a barrel.

Gold prices retreated $10.30 to $1,784.70 U.S. an ounce.

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