by Caroline Valetkevitch
NEW YORK (Reuters) – The New York Stock Exchange ended higher on Friday, buoyed by positive forecasts from Apple and Amazon.
The Dow Jones Industrial Average gained 0.97%, or 315.5 points, to 32,845.13 points.
The broader S&P-500 gained 57.86 points, or 1.42%, to 4,130.29 points.
The Nasdaq Composite advanced for its part by 228.1 points (1.88%) to 12,390.69 points.
Most of the major sector indices of the S&P 500 ended up, notably that of energy, driven by the good results of Chevron and Exxon Mobil.
Apple advanced after noting improvements on the parts shortage front and sustained iPhone demand despite the backdrop.
Amazon was also up after forecasting a jump in revenue in the third quarter on higher fees for subscriptions to its Prime loyalty program.
“The numbers released by Amazon and Apple have given the market confidence that these companies are able to hold their own in these difficult times,” said Rick Meckler of Cherry Lane Investments.
The market also benefited from renewed hope for a less aggressive monetary policy after the Federal Reserve’s announcements.
Intel for its part fell after lowering its forecasts for annual sales and profits, and having published results below market expectations due to a slowdown in demand for its chips used in personal computers.
(With contributions from Shreyashi Sanyal and Aniruddha Ghosh; French version Camille Raynaud)
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