US: S&P 500 gains 2.4% to end volatile week on positive note

[NEW YORK] Wall Street stocks concluded a rollercoaster week on a positive note Friday, rallying after strong Apple earnings and data suggesting a moderation in inflation in December.

The Dow Jones Industrial Average gained 1.7 per cent to 34,725.47.

The broad-based S&P 500 advanced 2.4 per cent to 4,431.85, while the tech-rich Nasdaq Composite Index jumped 3.1 per cent to 13,770.57.

After opening lower, stocks pushed into positive territory most of the day before rising buoyantly in the final hours of trading, lifting all three major indices into the black for the week.

It was the latest midday reversal in a week that has seen early rallies peter out and torrid selling give way to sudden bargain-hunting.

Art Hogan, chief strategist at National Securities, described the dynamic as a "tug of war" between worries about tightening monetary policy on one side and recognition of fairly good economic data and earnings on the other.

Commerce Department data showed personal consumption prices rose 0.4 per cent last month, in line with analysts' expectations and less than the month-on-month growth in the prior two months.

The report came on the heels of a better-than-expected US growth reading on Thursday.

Apple surged seven per cent after reporting a record US$124 billion quarterly revenue and higher earnings amid heavy demand for smartphones and other goods despite supply chain problems that pinched sales.

The results also boosted shares of Amazon, Facebook parent Meta and Google parent Alphabet, all of which report next week.

Among other companies reporting results, Caterpillar and Chevron both dropped more than three per cent while Visa shot up more than 10 per cent.

AFP