Stocks Jump after BOJ Eases Policy

U.S. stocks jumped at the open on Friday after the Bank of Japan significantly ramped up its stimulus program just days after the U.S. The Dow Jones Industrial Average lately jumped 126.29 points, or 0.73%, to 17,321.71. The S&P 500 added 14.67 points, or 0.74%, to 2,009.32. The Nasdaq Composite gained 55.75 points, or 1.22%, to 4,621.89.

The Bank of Japan on Friday unexpectedly announced additional stimulus measures, bolstering its asset purchases for the first time in over a year and a half, as its 2% inflation target looks increasingly untenable.

U.S. consumer spending fell for the first time in eight months in September. Consumer spending declined 0.2 percent last month after a 0.5 percent increase in August, as demand for goods tumbled and demand for services barely rose, Commerce Department data showed.

Chevron Corp. said its third-quarter profit increased 13% on asset sales and strength in the refining, marketing and chemical segment, despite lower revenue and production. Overall, Chevron reported earnings of $5.59 billion, or $2.95 a share, up from $4.95 billion, or $2.57 a share, a year earlier. Revenue fell 6.5% to $54.7 billion.

ExxonMobil Corp. profits rose 3 percent in the third quarter as strong refining performance offset lower revenues from falling oil prices and production. The company said Friday it earned $8.07 billion on revenue of $107.49 billion in the third quarter. Last year during the same period, Exxon earned $7.87 billion on revenue of $112.37 billion.

Slack Technologies Inc., which makes software for people to collaborate at work, raised $120 million in a round of financing co-led by Kleiner Perkins Caufield & Byers and Google Ventures, valuing the company at $1.12 billion.