The 30-stock index leaped 224.67 points to greet noon at 35,507.39.
The S&P 500 Index rebounded 47.69 points to 4,585.10.
The NASDAQ index popped 279.36 points, or 2%, to 14,329.45.
All the major averages are on pace for weekly gains. The 30-stock average is up 0.9%, while the tech-heavy index is up more than 2%. The S&P 500 is 1.1% higher.
Earnings season continued with Dow member Procter & Gamble shares gaining more than 3%. The consumer goods company behind Tide and other brands beat analysts’ earnings and revenue expectations in its most recent quarter.
Intel jumped more than 6% as investors applauded a return to profitability, while Roku climbed 24% after beating Wall Street expectations on both the top and bottom lines.
On the other hand, Ford Motor shares fell 4% even though the automaker beat estimates and raised guidance. The company said its electric vehicle adoption was taking longer than expected due to higher costs.
June data for the personal consumption expenditures price index continued to show easing inflation. The gauge showed PCE gained 0.2% month-over-month, in line with the 0.2% increase expected by economists polled by Dow Jones. Core PCE rose 4.1% from the year-ago period, lower than the anticipated 4.2%.
The data is of particular interest after the central bank raised interest rates earlier this week in a widely expected move. The Fed targets inflation at 2% annually.
Prices for the 10-year Treasury jumped, lowering yields to 3.97% from Wednesday’s 4.01%. Treasury prices and yields move in opposite directions.
Oil prices docked 32 cents to $79.77 U.S. a barrel.
Gold prices climbed $15.20 to $1,960.50 U.S. an ounce.