The Dow Jones Industrial Average (DJIA) had its best day since January on the back of Apple's better-than-expected earnings and a strong jobs report. The index shook off four straight days of declines to rise 1.65%, closing at 33,674.
All stocks in the index rose, except for Intel. Apple leading the way with the highest gains.
- Apple earnings and a strong jobs report helped push the Dow Jones up by more than 500 points.
- Chevron moved higher on a jump in oil prices.
- Visa, American Express, Goldman Sachs, and JP Morgan rose with the regional banking sector.
Impressive as Friday's surge was, it wasn't enough to undo the damage done earlier this week. The index finished the week 1.24% lower. On an all-around solid day for markets, the S&P 500 and Nasdaq were also each higher by more than 1%, and all sectors had positive performances.
Apple (AAPL) shares jumped 4% on the strength of its earnings report, with an increase in iPhone sales flying in the face of Street estimates. The company also reported record services revenue, a $90 billion share buyback authorization, and a 24-cent dividend increase. Apple shares had their best day of the year.
Disney (DIS) investors looked past disastrous earnings from rival Paramount Global (PARA) to make the entertainment giant the Dow’s second-best performer, rising more than 3%.
Financials stocks climbed in a relief rally aided by comments from St. Louis Fed President James Bullard, who said he believes regional banks will recover from the recent turmoil. Visa (V) and American Express (AXP) both rose nearly 3%, while Goldman Sachs (GS) and JPMorgan Chase (JPM) were up around 2%
Oil prices pushed 4% higher, making energy one of the day’s best-performing sectors. Chevron (CVX), the Dow's lone oil company, climbed almost 3%.
Merck & Co. (MRK), despite dipping into negative territory throughout the day, finished in the green. The company beat earnings expectations and raised its full-year sales outlook late last week despite a dropoff in sales of its COVID-19 treatment LAGEVRIO (molnupiravir), and some diabetes treatments.
Intel (INTC) was the only Dow stock to finish in the red after two consecutive days of being the index's best performer. The chipmaker, whose shares have lost 30% in the last year, is coming off its worst quarterly loss in history as declining PC sales and supply chain issues hit its top and bottom lines.