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Stock Market Today- 1/28: Stocks End Higher as Apple Lifts Nasdaq

Stocks end higher Friday, thanks to a tech sector rebound, to close out a wild week.

Updated at 4:14 pm EST

Stocks ended higher Friday, boosted by a rebound in the tech sector, bringing the curtain down on a wild week of trading.

The Dow Jones Industrial Average finished up 565 points, or 1.66%, to 34,726, while the S&P 500 gained 2.44% for its best day of 2022, and the tech-heavy Nasdaq finished up 3.13%, boosted by Apples's AAPL stronger-than-expected earnings.

All three indexes ended the week higher.

The Federal Reserve's hawkish stance on rates and inflation from earlier this week, coupled with a disappointing earnings season and suggestions of slowing economic growth have pulled global stocks lower this week, while added market volatility -- much of it linked to equity options trading -- has whipsawed the Dow into triple-digit intra-day swings for much of the past week.

The prospect of faster rate hikes -- and Bank of America is forecasting seven hikes this year -- lifted the U.S. dollar index, which tracks the greenback against a basket of global currency peers, to the highest levels since July of 2020.

Growth concerns are also being played out in the bond market, where the gap between 2-year and 10-year note yields has narrowed to just 62.2 basis points, setting up the prospect of a so-called curve inversion -- where 2-year note yields rise past 10-year yields -- that suggests a near-term recession.

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Apple ended up more nearly 7% as record holiday sales, built off a surge in iPhone demand, offset concerns for global supply chain disruptions and chip shortages and powered the tech giant into a crushing first quarter earnings tally.

Tesla  (TSLA) - Get Tesla Inc Report, finished up 2.1% The clean-energy carmaker has lost more than $320 billion in market value, or 33%, since hitting an all-time high in early November.

 Robinhood  (HOOD) - Get Robinhood Markets, Inc. Class A Report shares recovered from earlier slide and finished up nearly 10% after the online trading platform posted a steeper-than-expected fourth quarter loss and said near-term revenues would come in sharply lower than Street forecasts.

Visa  (V) - Get Visa Inc. Class A Report shares finished up 10.6% after the world's biggest credit card issuer posted better-than-expected first quarter earnings thanks to a surge in post-pandemic spending and the full return of international travel.

U.S. Steel  (X) - Get United States Steel Corporation Report shares rose 5.2% after posting stronger-than-expected fourth quarter sales and boosting its buyback plan by $500 million.

Caterpillar  (CAT) - Get Caterpillar Inc. Report, however, fell 5.2% even as it published stronger-than-expected fourth quarter earnings amid an ongoing rebound in global construction equipment sales and surging commodity prices.