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Stocks rose on Friday despite a tumble in Amazon shares after economic data pointed to slowing inflation and a steady consumer.
The Dow Jones Industrials leaped 828.52 points, or 2.6%, to 32,861.80.
The 30-stock index was up 5.7% this week in its best performance since May. It was also on track for its best month since January 1976.
The S&P 500 climbed 93.76 points, or 2.5% to 3,901.06.
The NASDAQ jumped 309.78 points, or 2.9%. to 11,102.45.
The S&P 500 leaped 3.9% and the NASDAQ is up 2.2% for the week.
The stock market has fractured this week as investors dumped technology shares following weak results and outlooks from Microsoft,
Alphabet and Meta and rotated into economically sensitive stocks that will benefit if the U.S. economy can skirt a recession.
Amazon plunged by 6.8% after the company posted weaker-than-expected quarterly revenue and issued disappointing fourth-quarter sales guidance Thursday. Apple shares ended Friday up 7.5%. The tech giant reported weaker-than-anticipated iPhone revenue on Thursday, but beat Wall Street estimates for quarterly earnings and revenue.
Apple and other more positive performers, like Intel, have given investors footholds within what some see as a particularly tumultuous tech sector. Experts said the market was also boosted by oil giants Chevron up about 1.2% and Exxon Mobil, increasing 2.9%, after both reported beating expectations before the bell.
The market got a boost after the core personal consumption expenditures price index in September increased 0.5% from the previous month and 5.1% from a year ago, still high but mostly in-line with expectations.
This is the preferred gauge of inflation for the Federal Reserve. Personal spending rose 0.6%, more than expected, the data showed.
Treasury prices faded, raising yields to 4.01% from Thursday’s 3.92%. Treasury prices and yields move in opposite directions.
Oil prices sagged 87 cents to $88.21 U.S. a barrel.
Gold prices dipped $18.00 to $1,647.60 U.S. an ounce.
