We calculate the equation of state of dense hydrogen within the chemical picture. Fluid variational theory is generalized for a multi-component system of molecules, atoms, electrons, and protons. Chemical equilibrium is supposed for the reactions dissociation and ionization. We identify the region of thermodynamic instability which is related to the plasma phase transition. The reflectivity is calculated along the Hugoniot curve and compared with experimental results. The equation-of-state data is used to calculate the pressure and temperature profiles for the interior of Jupiter.