Dow jumps 565 points, Nasdaq +3% on Apple strength

S&P 500 4Q earnings have risen 23% so far compared to a year ago

U.S. stocks picked up strong momentum during the final hour of trading on Friday. amid ongoing volatility. 

The Dow Jones Industrial Average jumped over 565 points or 1.6%, while the S&P rose 2.4% and the Nasdaq Composite 3%. The rally helped all three of the averages post weekly gains. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 33212.96 +575.77 +1.76%
SP500 S&P 500 4158.24 +100.40 +2.47%
I:COMP NASDAQ COMPOSITE INDEX 12131.131075 +390.48 +3.33%

Apple supported the broader market rising 6% following its highest quarterly revenue increase in the company's history on Thursday at $123.9 billion, showing an 11% year-over-year boost during last year's critical holiday season despite ongoing supply chain challenges and chip shortages. Profits came in at $34.63 billion, or $2.10 per share, beating Wall Street estimates of $1.90 per share.

APPLE HITS NEW QUARTERLY REVENUE RECORD DESPITE SUPPLY CHAIN TROUBLES

Ticker Security Last Change Change %
AAPL APPLE INC. 149.64 +5.86 +4.08%

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Caterpillar shares fell 5% after noting headwinds, including supply chain issues and costs, could hamper margins in the current quarter. Fourth-quarter revenue of $13.8 billion did exceed estimates 

Ticker Security Last Change Change %
CAT CATERPILLAR INC. 217.14 +4.15 +1.95%

Chevron shares also fell after profits of $2.65 per share missed analyst estimates of $3.12. CEO Mike Wirth telling FOX Business $100 per barrel oil is possible. 

Ticker Security Last Change Change %
CVX CHEVRON CORP. 178.29 +1.59 +0.90%
XOM EXXON MOBIL CORP. 97.59 +0.95 +0.98%

Shares of Robinhood Markets rebounded after posting a $423 million net loss in the latest quarter along with slowing growth.

Ticker Security Last Change Change %
HOOD ROBINHOOD MARKETS INC. 10.38 +1.10 +11.85%

In commodities, oil hovered closed at $86.82 per barrel level. 

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 85.46 +0.87 +1.03%

On the economic calendar, the Commerce Department reported the year-over-year change in core PCE, which is the Federal Reserve’s preferred measure of inflation, jumped 4.9%, the highest reading in more than 38 years.

Personal income rose 0.3%, while fell spending fell 0.6% month-over-month, reversing November’s 0.6% rise. Core personal consumption expenditures, which remove volatile food and energy prices, rose 0.5% month-over-month.

The Employment Cost Index rose 1% over the previous quarter in the final three months of 2021.

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In other economic news, the University of Michigan’s final index of consumer sentiment for January edged down to 67.2 from the preliminary reading of 68.8 two weeks ago. That’s down from 70.6 in December and the second-lowest reading in a decade on inflation and Omicron fears.

US ECONOMY SURGED 6.9% IN THE FOURTH QUARTER BEFORE OMICRON IMPACT

Bitcoin hovered below the $37,000 level. 

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FOX Business' Ken Martin and The Associated Press contributed to this report.