- Apple's post-earnings surge helped lift US stocks on Friday after other tech giants disappointed.
- The Dow Jones Industrial Average notched its sixth consecutive daily gain and its fourth straight weekly gain.
- But Amazon stock sank after giving weak guidance for the critical holiday quarter.
US stocks closed higher Friday, as Apple's quarterly earnings gave investors more confidence after a mostly dismal week for Big Tech.
The Dow Jones Industrial Average notched its sixth consecutive daily gain and its fourth straight weekly gain. The S&P 500 and Nasdaq also scored positive weeks.
Apple stock saw its biggest gain since 2020 after the iPhone maker modestly beat profit and sales forecasts late Thursday. Meanwhile, Amazon stock tanked after the e-commerce giant gave a sluggish sales forecast for the holiday shopping season.
Here's where US indexes stood shortly after the 4:30 p.m. closing bell on Friday:
- S&P 500: 3,901.05, up 2.46%
- Dow Jones Industrial Average: 32,861.80, up 2.59% (828.52 points)
- Nasdaq Composite: 11,102.45, up 2.87%
Here's what else is happening today:
- The Fed won't pivot from its rate hikes until the end of 2023, as inflation is persistent and the economy isn't slowing as expected, a JPMorgan strategist said.
- Dogecoin gained 44% this week as Elon Musk's Twitter takeover came to a close.
- Musk, Paul Krugman, and Jeremy Siegel all say the Fed is overdoing it with monetary tightening.
In commodities, bonds and crypto:
- West Texas Intermediate crude fell 0.97% to $88.20 per barrel. Brent crude, the international benchmark, fell 0.96% to $96.04
- Gold slipped 1.14% to $1,644.02 per ounce.
- The 10-year Treasury yield climbed 7.3 basis points to 4.012%.
- Bitcoin gained 0.34% to $20,585.14.
Read the original article on Business Insider
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