Dow Has a Strong Friday, Thanks to Apple

Index rises more than 500 points
By Newser Editors and Wire Services
Posted May 5, 2023 3:16 PM CDT
Dow Has a Strong Friday, Thanks to Apple
An Apple logo adorns the facade of the downtown Brooklyn Apple store.   (AP Photo/Kathy Willens, File)

Apple led Wall Street to its biggest rally in nearly four months Friday after the market's most influential company reported a better profit than expected. Stocks of beaten-down banks are also leaping to recover a smidgen of their sharp losses from a brutal week, per the AP.

  • The Dow surged 546 points, or 1.6%, to 33,674.
  • The S&P 500 rose 75 points, or 1.8%, to 4,136.
  • The tech-heavy Nasdaq rose 269 points, or 2.2%, to 12,235.

On the banks front, PacWest Bancorp. soared 85.2%, though it’s still down 42.2% for the week. Western Alliance Bancorp. gained 44.8% to trim its loss for the week to 29%. Apple didn’t rise as much as those banks Friday, but its moves pack a more potent punch. Apple is the most valuable stock on Wall Street, which gives its moves outsized weight on the S&P 500 and other indexes. Its 5% gain made it the biggest force lifting S&P 500. The iPhone maker reported a drop in earnings and revenue, but the results nevertheless topped analysts’ muted expectations.

Elsewhere, Live Nation Entertainment jumped 15.3% after reporting a more modest loss than analysts expected, while Cigna Group rose 7.6% after topping forecasts for profit and revenue. On the losing end was Lyft, which slumped 21% after it gave a weaker forecast for results in the current quarter than Wall Street expected. It's a contrast to competitor Uber, which is up solidly for the week following its earnings report.

(More stock market stories.)

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