The market is set to wrap up a roller-coaster week with the S&P 500 headed for its worst month since March 2020.
The Dow Jones Industrials stepped out of the shadows to gain points as morning became afternoon, gaining 85.85 points to 34,246.63.
The S&P 500 recovered 37.1 points to 4,363.61.
The NASDAQ gained 213.2 points, or 1.6%, to 13,565.98, buoyed by Apple’s post-earnings gain.
Shares of Apple rose more than 5% after stellar quarterly results, providing some stability to the stock averages. The company reported its largest single quarter in terms of revenue ever even amid supply challenges and the lingering effects of the pandemic. Visa also added more than 8% after a strong earnings report.
On downside, Chevron shares fell more than 4% after missing Wall Street earnings expectations. Dow component Caterpillar dipped roughly 6% even after it topped profit estimates.
The major indexes have experienced outsized swings each day this week — including the Dow making up a more than 1,000-point intraday deficit to close higher on Monday for the first time ever.
The Dow and S&P 500 are both headed for four consecutive losing weeks. The NASDAQ has dropped 3% this week, on track for its fifth straight negative week.
December’s core personal consumption expenditures price index, the Fed’s preferred inflation gauge, jumped 4.9% from the year prior, the Commerce Department reported Friday.
The PCE jump is higher than economists expected and the hottest reading since September 1983. Along with the inflation numbers, personal income rose 0.3% for the month, a touch lower than the 0.4% estimate.
Prices for 10-year Treasurys were higher, weighing yields to 1.79% from Thursday’s 1.81%. Treasury prices and yields move in opposite directions.
Oil prices hiked $1.44 to $88.05 U.S. a barrel.
Gold prices retreated $10.30 to $1,784.70 U.S. an ounce.