Nasdaq Jumps For A Second Day As Amazon And Chip Stocks Rally

Tiger Newspress07-31 21:32

U.S. stocks were higher early Friday as Wall Street staged a sharp rebound, with upbeat earnings from Amazon adding to optimism.

The Nasdaq Composite popped 0.9%, while the S&P 500 gained 0.55%. The Dow Jones Industrial Average traded 203 points higher, or 0.39%.

Amazon surged 12% after reporting better-than-expected second-quarter revenue. The results, which were aided by the strength of its cloud-computing business, reinforced investor confidence in artificial intelligence spending.

Apple, in contrast, was more than 8% lower. The firm’s fiscal third-quarter revenue topped expectations, helped by a 22% jump in iPhone sales, though a shortfall in service revenue pushed its stock lower.

Storage concept stocks opened strongly, SK Hynix Gains Almost 8%.

Despite the week’s sharp swings, the major averages remained on track to finish higher. The Dow was up about 0.5% for the week heading into Friday’s session, while the S&P 500 had gained roughly 0.4% and the Nasdaq Composite was ahead about 0.6%.

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