"The S&P 500 rose 0.6%, erasing much of its slump from the day before and nearing its all-time high set on Tuesday. The index is on track to close a third straight winning week and a sixth straight winning month, which would be its longest monthly winning streak since 2021. The Dow Jones Industrial Average was up 37 points, or 0.1%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 1.3% higher."
"Amazon led the way after jumping 11.6%. The retail giant was by far the strongest force lifting the S&P 500 after reporting profit for the latest quarter that blew past analysts' expectations. CEO Andy Jassy said growth for its booming huge cloud-computing business has reaccelerated back to a pace it hasn't seen since 2022. Apple also helped lift the market after its stock added 0.3%."
"The two Big Tech profit reports were the among most important on Wall Street Friday because Amazon, worth roughly $2.4 trillion, and Apple, at over $4 trillion, are two of the biggest companies in the market. They alone account for 10.6% of the S&P 500's total value, even though they make up just 0.4% of its membership. That means their stock movements can carry more weight on the S&P 500 index, which sits at the heart of many 401(k) accounts, than hundreds of other stocks."
The S&P 500 rose 0.6%, erasing much of the prior day's slump and nearing its all-time high, and is on track for a third straight winning week and sixth straight winning month. The Dow Jones Industrial Average was up 37 points (0.1%) and the Nasdaq composite rose 1.3%. Amazon jumped 11.6% after reporting quarterly profit that blew past analysts' expectations, and CEO Andy Jassy said cloud-computing growth reaccelerated to a pace not seen since 2022. Apple gained 0.3% after delivering better-than-expected profits, powered by strong iPhone and services revenue. Reddit, Coinbase, and Netflix also rose on stronger results or corporate moves.
Read at Fortune
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