Dow Just Had Its Best Day of 2022

Index rises 564 as market snaps its weekly losing streak
By Newser Editors,  Newser Staff
Posted Jan 28, 2022 3:17 PM CST
Apple's Surge Helps Snap Market's Losing Streak
The Apple logo is illuminated at a store in the city center in Munich, Germany.   (AP Photo/Matthias Schrader, file)

The stock market wrapped up a week of wild swings on Friday by finishing in positive territory for the day—and the week. The S&P 500 rose 105 points, or 2.4%, to 4,431; the Dow rose 564 points, or 1.6%, to 34,724; and the tech-heavy Nasdaq surged 413 points, or 3%, to 13,770. Those gains were enough to break the market's three-week losing streak, reports CNBC. The benchmark S&P rose 0.8% for the week and the Dow 1.3%. The day's gains were largely credited to Apple, notes the Wall Street Journal. Its shares were up more than 6%, thanks to record revenue and profits for the first quarter.

“The huge intraday movements are indicative of the challenge that the market now faces, which is that financial conditions are going to be tightening,” Yung-Yu Ma of BMO Wealth Management tells CNBC. He's referring to the Fed's decision to get more aggressive on raising interest rates. “As new information comes in, as markets overreact in one direction or another, this type of volatility and some of these swings are probably going to be with us for some time, given the nature of what the market’s trying to price in.” (More stock market stories.)

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