Wall Street rallies as tech stocks advance

29 Jan 2022 , 11:55 AM

The Dow Jones Industrial Average rose 564.69 points, or 1.65%, to 34,725.47, the S&P 500 gained 105.34 points, or 2.43%, to 4,431.85 and the Nasdaq Composite added 417.79 points, or 3.13%, to 13,770.57.

All three major U.S. stock indexes began the day in the red, but turned increasingly green as the session progressed, with tech shares doing the heaviest lifting.

Shares of Apple jumped after a stellar quarterly results. The company reported its largest single quarter in terms of revenue ever even amid supply challenges and the lingering effects of the pandemic. Tim Cook, Apples chief executive, said he expected supply chain constraints in the current quarter to be less of a problem than they were during the holidays.

On the data front, Decembers core personal consumption expenditures price index, the Feds preferred inflation gauge, jumped 4.9% from the year prior, the Commerce Department reported Friday.

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