Dow surges over 560 points as final Friday flourish wipes out ugly weekly loss
U.S. stocks on Friday finished on a decidedly higher note, booking sharp gains in a final swing higher in the last hour of trading, which helped to erase sharp weekly losses and snap multiweek losing streaks for all of the major benchmarks. The S&P 500 index closed up 2.4% at 4,431, buoyed by strong earnings from Apple Inc. (AAPL). The gain helped the broad-market benchmark avoid its fourth consecutive weekly loss. The Dow Jones Industrial Average closed 1.7% higher on the day to reach 34,725, while the Nasdaq Composite Index climbed 3.1% to 13,770. For the week, the S&P 500 booked a 0.8% gain, the Dow logged a 1.3% weekly advance and the Nasdaq Composite ended virtually unchanged but in the green. In corporate news, shares of Apple, the world's largest publicly traded company by market capitalization, rallied a day after the iPhone maker posted record revenue and profit. In economic reports, government data released Friday showed the upward pressure on prices that has worried policy makers. The Fed's preferred measure of inflation, the core personal-consumption expenditures price index, rose at 4.9% in December over the prior year.
-Mark Decambre
(END) Dow Jones Newswires
January 28, 2022 16:11 ET (21:11 GMT)
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