Stock market news live updates: Stock gains accelerate into the close: S&P 500 adds 2.4%

Stocks surged into the close reversing earlier losses on Friday as investors took in earnings results from some major tech companies and another hot print on inflation at the end of another volatile week. 

The S&P 500 closed up 2.4%, posting a weekly advance and ending a three-week losing streak. The the Dow ended higher by 1.65%, and Nasdaq gained 3%. 

Technology stocks led the way higher as Apple (AAPL) jumped after the iPhone-maker reported record quarterly sales and better-than-expected profits despite supply chain challenges. Meanwhile, Robinhood (HOOD) shares shook off overnight losses to trade higher after the trading platform missed on quarterly revenue, posted a larger-than-expected quarterly decline in users, and offered disappointing guidance. 

Fresh economic data was also in focus on Friday. The latest inflation data showed another multi-decade high rate of price increases, as the Personal Consumption Expenditures (PCE) index posted a 5.8% year-over-year rise in December, or the biggest jump since 1982. Core PCE, which excludes more volatile food and energy prices, rose at a 4.9% annual rate, representing the largest leap since 1983. 

The S&P 500 was on track to post a weekly loss of about 1.3%, based on Thursday’s closing prices. New reports showing a better-than-expected rise in fourth-quarter U.S. GDP and improvement in weekly jobless claims did little to help turn stocks around on Thursday. The Dow and Nasdaq have each also fallen over the course of the past week, with volatility rising as traders considered the implications of the Federal Reserve’s more hawkish monetary policy tilt for markets. 

“The markets digested this hawkish Fed pivot that I think surprised people in terms of its magnitude,” Scott Crowe, CenterSquare Investment Management chief investment strategist, told Yahoo Finance Live on Thursday. “It wasn’t so long ago that they were describing inflation as ‘transitory,’ but now they have their sights firmly set on moderating inflation. And I think that’s given the market a lot of indigestion as it starts to digest that pretty…

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