Dow ends up over 800 points Friday, extending win streak to sixth session
U.S. stocks ended sharply higher Friday, capping a volatile week that saw Big Tech shares hammered after...
U.S. stocks ended sharply higher Friday, capping a volatile week that saw Big Tech shares hammered after a series of disappointing earnings reports while industrials and defensive stocks soared. The Dow Jones Industrial Average DJIA, +2.59% ended with a gain of around 828 points, or 2.6%, near 32,861, according to preliminary figures, leaving the blue-chip gauge with a weekly gain of 5.7% and on track for a monthly advance of 14.4%. That monthly rise would be the Dow's biggest since January 1976 and the largest October rise on record if it holds up through Monday's close. The S&P 500 SPX, +2.46% rose around 94 points, or 2.5%, to close near 3,901, for a weekly gain of 2.5%. And the tech-heavy Nasdaq Composite COMP, +2.87% bounced higher by around 310 points, or 2.9%, finishing near 11,102, swinging to a weekly gain of 2.2%.
In earnings news, Chevron Corp. reported a third-quarter net income of $11.23 billion....
In earnings news, Chevron Corp. reported a third-quarter net income of $11.23 billion. The San Ramon, California-based company said it had a profit of $5.78 per share. Earnings, adjusted for non-recurring gains, came to $5.56 per share, topping Wall Street expectations. The oil company posted revenue of $66.64 billion in the period, which also beat Street forecasts. Exxon Mobil Corp. reported a third-quarter profit of $19.66 billion. On a per-share basis, the Irving-Texas-based company said it had a profit of $4.68. Earnings, adjusted for non-recurring gains, came to $4.45 per share, also topping expectations.
U.S. annual core inflation rate measured by PCE price index rises in September
The numbers: A key gauge of U.S. inflation rose a mild 0.3% in September, aided by...
The numbers: A key gauge of U.S. inflation rose a mild 0.3% in September, aided by the lower cost of gas. Yet prices are still going up even if they aren’t climbing as fast as they were earlier in the year.
Another measure of inflation that omits volatile food and energy costs rose a sharp 0.5% last month. Wall Street had forecast a 0.5% increase in the so-called core personal consumption expenditures price index.
The Federal Reserve views the PCE index as the best barometer of inflation trends. What it’s shown lately are easing but still-high price pressures.
Key details: The overall rate of inflation in the past year was unchanged at 6.2% compared to the prior month.
The core rate of inflation in the past 12 months climbed to 5.1% from 4.9%. That leaves it just a few ticks below a 40-year high of 5.4% in February.
Surprise: The war in Ukraine will boost renewable energy
Russia’s invasion of Ukraine, and the corresponding shock to energy markets, will likely ...
Russia’s invasion of Ukraine, and the corresponding shock to energy markets, will likely speed up the transition away from fossil fuels, the International Energy Agency (IEA) said. That’s because this year’s spike in energy prices has spurred countries to invest more in renewables,such as the US’ Inflation Reduction Act and Japan’s “green transformation” program. Under current global policies, carbon dioxide emissions are expected to peak by 2025.
