US stocks rose on Friday, with the S&P 500 up 0.5%, the Nasdaq up 0.9% and the Dow Jones up about 90 points, boosted by a nearly 4% jump in Apple shares. The tech giant reported a 4% increase in revenue and issued a positive outlook for the current quarter, even as iPhone sales missed expectations.
Intel, meanwhile, rose 1% and AbbVie jumped about 7.6% after its earnings and revenue beat expectations. On the other hand, Exxon Mobil fell 0.8% after its earnings missed estimates and Chevron shares fell about 2.2% as its refining business posted its first loss since 2020. On the data front, PCE prices, personal income and employment costs all met estimates, reinforcing the Fed's stance from earlier in the week. All three major averages are on track to close January with strong gains. The Dow is up 5.5% so far this year, while the S&P 500 and Nasdaq are up 3.2% and 1.9%, respectively.
Source: Trading Economics
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