Dow Jones rally Over 600 Points, Registers Fourth Straight Week Of Gains

(CTN News) – The Dow Jones surged over 600 points as Wall Street began the day on Friday. Dow Jones has now increased for six straight days.

Early on, the tech-heavy Nasdaq and S&P 500 indices gained close to 2%. The positive profits from Apple, which managed to counteract the sharp decline in the stock of e-commerce behemoth Amazon, provide solace to the US market.

After increasing by at least 628.5 points, the Dow Jones Industrial Average is now up at least 606.19 points, or 1.89%, at 32,639.47 as of 11:14 GMT.

Early in the day, the index reached a high of 32,661.74 for the day. Considering the day’s high, the index has increased by around 4% this week.

Additionally, Dow Jones is expected to record its largest percentage monthly gain since January 1987. The Dow Jones increased by about 10% in the last month.

The Standard and Poor’s (S&P) 500 stocks are trading at 3,866.97, up 59.67 points or 1.58%, at the same time. The index is close to the 3,872.25 high set during the day.

The Nasdaq composite index is 189.20 points or 1.75% at 10,981.28. At 11,001.20, the index reached an intraday high.

So far on Friday, the S&P 500 and Nasdaq have increased by about 2%. Dow Jones Industrial Average closed at 828.52 points.

According to Reuters, rising issues on the NYSE and the Nasdaq exceeded declining ones by 1.33 to 1 and 1.05 to 1, respectively. The Nasdaq posted 44 new highs and 59 new lows, compared to the S&P index’s 21 new 52-week highs and eight new lows.

Shares of Apple Inc. are up roughly 8%, reaching an intraday high of $156.48. The shares are trading close to the day’s high of $156.01 and are up 7.7%.

The iPhone manufacturer had a respectable fourth quarter for fiscal 2022, which ended on September 24, 2022.

According to the financial report, Apple reported quarterly sales for the September quarter of $90.1 billion, up 8% over the prior year, and quarterly diluted profits per share of $1.29, up 4% over the prior year.

Annual sales increased by 8% to $394.3 billion, while profits per diluted share increased by 9% to $6.11 in the same period.

While Apple’s net income in the September 2022 quarter was $20.721 million, it was marginally higher than the $20.551 billion figure for the same time in the previous year.

In the year ending September 24, 2022, annual net income grew to $99.803 billion from $94.680 billion in the same period the previous year.

However, Apple has warned about a potential drag on sales growth for the December quarter.

However, Apple’s September quarter performance still beats other major giants like Amazon.com, Microsoft, Meta Platforms Inc., and Alphabet, Google’s parent company.

Amazon had a weak September 2022 quarter along with its competitors. The company’s shares decreased by at least 12% on Friday. It is presently $100.01 lower, down 9.8%. The shares have gotten as low as $97.66 throughout the day.

Comparing the September 2022 quarter to the same period in 2021, Amazon reported a 15% increase in net sales to $127.1 billion.

However, compared to the same quarter in September 2021, its net income fell to $2.9 billion from $3.2 billion. Operating income was $2.5 billion, less than the $4.9 billion in September’s third quarter of 2021.

Amazon is reportedly having trouble keeping its $1 trillion milestone.

However, after posting disappointing profits earlier this week, other major behemoths, including Microsoft, Meta Platforms, and Alphabet, were seeing gains of 1% to 3% in their stock prices.

Geojit Financial Services’ Head of Research, Vinod Nair, stated: “US tech equities had a big decline due to weak forecasts and poor quarterly results.

Although the likelihood of a recession increased, the ECB increased its interest rate by 75 basis points, signalling that it is succeeding in containing record inflation.”

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