JUST IN: Wall Street closed sharply higher, capping another strong week with gains led by Apple and other companies that made even bigger profits during the summer than expected.
People push their bicycle in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Friday, Oct. 28, 2022, in Tokyo. Shares were mostly lower in Asia on Friday after a mixed session on Wall Street, where tech sector losses offset gains in other parts of the market. Technology stocks led a broad rally on Wall Street Friday, capping another strong week for the market, as investors welcomed solid profits from Apple and other companies.&P 500 rose 2.
Gilead Sciences soared 12.9%, and T-Mobile US gained 7.4% after they also topped Wall Street's profit expectations. That's helped fuel hopes on Wall Street for a “pivot” by the Federal Reserve, where the central bank dials down the big interest-rate hikes that have shaken the market. Such a move could boost the market, though many analysts say such hopes may be overdone.
Solid earnings on Friday helped to offset a 6.8% drop for Amazon, which offered a weaker-than-expected forecast for upcoming revenue. It was the latest Big Tech company to take a beating this week after reporting some discouraging trends. It's a sharp turnaround after the group dominated Wall Street for years with seemingly unstoppable growth.
Rising interest rates have hit Big Tech stock prices harder than the rest of the market, and the pressure increased Friday as yields climbed. The Fed is trying to starve inflation of the purchases made by households and businesses needed to keep it high. It's doing that by intentionally slowing the economy and the jobs market. The worry is that it could go too far and cause a sharp downturn.
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