(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)

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Apple rises on upbeat Q4, Amazon slumps after grim forecast

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U.S. September consumer spending beats expectations

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Indexes up: Dow 2.23%, S&P 1.98%, Nasdaq 2.25%

Oct 28 (Reuters) - Wall Street indexes jumped on Friday, buoyed by upbeat results from Apple, with investors hoping that some signs of economic weakness would lead to the U.S. Federal Reserve slowing down the pace of its interest rate hikes soon.

Data showed U.S. consumer spending rose more than expected in September, but private industry wage growth slowed considerably in the third quarter and underlying inflation still remained high.

The indicators did little to change expectations of a 75 basis point rate hike by the Fed next week, but investors are pinning their hopes on the central bank taking a less aggressive approach by delivering a 50 bps hike in December.

Meanwhile, Apple Inc shares jumped 8% as the iPhone maker's fourth-quarter results showed some resilience though it cautioned revenue growth could see some pressure in the December quarter.

"Investors are convinced that the Fed will say or do something that is encouraging next week," said Sam Stovall, chief investment strategist at CFRA Research in New York.

With majority of the big S&P 500 companies having already reported, investors are hopeful that the worst is now over, according to Stovall.

Apple's results were the only bright spot among megacap earnings, with other behemoths such as Microsoft Corp, Meta Platforms Inc and Google-parent Alphabet Inc disappointing investors.

Amazon.com Inc also forecast a slowdown in sales growth for the holiday season, sending its shares down 8.6%.

Still, shares of Microsoft and Alphabet were up about 2% each in afternoon trade, while the S&P 500 and the Nasdaq were set to post a second straight week of gains.

The Dow Jones Industrial Average headed for its fourth consecutive week of gains.

Oil-and-gas giants Exxon Mobil Corp and Chevron Corp blew past quarterly profit expectations, boosted by surging energy costs. Their shares were up 2.2% and 0.6%, respectively.

With more than half of the companies in the S&P 500 having reported, 73% of them have beaten consensus estimates. Analysts now see aggregate S&P earnings growth of 4.1%, up from 2.5% a day ago, according to Refinitiv data.

At 1:05 p.m. ET, the Dow Jones Industrial Average was up 714.44 points, or 2.23%, at 32,747.72, the S&P 500 was up 75.25 points, or 1.98%, at 3,882.55, and the Nasdaq Composite was up 242.43 points, or 2.25%, at 11,035.10.

Intel Corp jumped 10.0% after the chipmaker cut its capital spending forecast, while T-Mobile US Inc rose 6.8% after raising its annual forecast for wireless subscriber additions.

Twitter was delisted from the New York Stock Exchange after Tesla Inc chief Elon Musk completed his $44 billion acquisition of the social media company.

Advancing issues outnumbered decliners for a 2.26-to-1 ratio on the NYSE and a 1.97-to-1 ratio on the Nasdaq.

The S&P index recorded 26 new 52-week highs and eight new lows, while the Nasdaq recorded 92 new highs and 95 new lows. (Reporting by Amruta Khandekar and Shreyashi Sanyal in Bengaluru; Additional reporting by Sruthi Shankar; Editing by Sriraj Kalluvila and Shounak Dasgupta)