(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 rebounds, Amazon sinks after earnings reports

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Data shows strong consumer spending, ebbing wage growth

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Third quarter aggregate earnings estimates raised

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Twitter delisted as Musk purchase complete

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Indexes up: Dow 2.34%, S&P 2.10%, Nasdaq 2.37%

NEW YORK, Oct 28 (Reuters) - A robust, broad-based rally sent Wall Street stocks surging on Friday, as encouraging economic data and a rosier earnings outlook buoyed investor risk appetite ahead of next week's much-anticipated two-day policy meeting of the Federal Reserve.

All major U.S. indexes jumped more than 2%, with the S&P and the Nasdaq setting a course for their second straight weekly gains. The blue-chip Dow was set for its fourth consecutive Friday-to-Friday advance and its biggest weekly percentage gain since May.

A 7.8% rebound in Apple Inc helped soften the blow of the 8.1% plunge for Amazon.com shares, in the wake of the two market leaders' results posted after Thursday's closing bell.

Solid earnings beats from Chevron and Exxon Mobil and other companies outside the tech and tech-adjacent megacap group have brightened aggregate earnings estimates for the quarter.

Analysts now see third quarter S&P 500 earnings growth of 4.1%, up from 2.5% on Thursday, according to Refinitiv data.

"In big tech, earnings have been more negative than positive, but outside of tech it's been more positively skewed in the areas that are more indicative of the Main Street economy," said Keith Buchanan, portfolio manager at GLOBALT in Atlanta. "It’s easy to miss the forest for the trees."

On the economics front, the Commerce and Labor Departments released data that showed robust consumer spending and easing wage costs, respectively.

Financial markets have now priced in an 82% likelihood of a fifth consecutive 75 basis point interest rate hike at the conclusion of the Fed's Nov. 1-2 policy meeting, and a 48% chance the central bank will decelerate to 50 basis points in December, according to CME's FedWatch tool.

"Is it déjà vu all over again? We’ve seen the stock market rally in anticipation of a Fed pivot," Buchanan added. "If (Fed Chairman Powell) doesn’t push back, he’s comfortable with the markets anticipating a pivot."

At 2:15 p.m. ET, the Dow Jones Industrial Average rose 750.93 points, or 2.34%, to 32,784.21, the S&P 500 gained 79.93 points, or 2.10%, to 3,887.23 and the Nasdaq Composite added 255.66 points, or 2.37%, to 11,048.33.

Among the 11 major sectors of the S&P 500, tech shares were enjoying the biggest percentage gains, while consumer discretionary stocks, weighed down by Amazon shares, were the biggest percentage loser.

Third-quarter reporting season has passed the halfway point, with 263 of the companies in the S&P 500 having reported. Of those, 73% have beaten consensus expectations, according to Refinitiv.

Intel Corp jumped 9.6% after cutting its spending forecast, while T-Mobile US Inc's subscriber forecast hike sent its shares up 7.1%.

Twitter Inc was delisted from the New York Stock Exchange, closing the book on Tesla Inc chief Elon Musk's $44 billion purchase of the company.

Advancing issues outnumbered declining ones on the NYSE by a 2.30-to-1 ratio; on Nasdaq, a 1.85-to-1 ratio favored advancers.

The S&P 500 posted 27 new 52-week highs and eight new lows; the Nasdaq Composite recorded 97 new highs and 101 new lows. (Reporting by Stephen Culp; additional reporting by Amruta Khandekar and Shreyashi Sanyal in Bengaluru; Editing by Cynthia Osterman)