Nasdaq and S&P 500 close higher, thanks to Amazon, to cap off a strong week
The Nasdaq Composite and the S&P 500 rose on Friday, boosted by shares of tech giant Amazon on the heels of its strong quarterly results.
The tech-heavy Nasdaq advanced 0.61% to finish the session at 23,724.96, while the broad market index gained 0.26% to reach 6,840.20. The Dow Jones Industrial Average closed 40.75 points higher, or 0.09%, to 47,562.87.
Amazon shares rallied 9.6% after the e-commerce giant said its cloud computing unit’s revenue increased 20% in the third quarter, exceeding Wall Street’s estimates. The company’s CEO, Andy Jassy, said that AWS is “growing at a pace we haven’t seen since 2022” and that AI and core infrastructure are experiencing “strong” demand.
Those on Wall Street bought up shares of other AI-related names Friday on the heels of Amazon’s results. AI software firm Palantir rose 3%, while leading AI player Oracle gained 2.2%.
Supporting the Nasdaq, streaming giant Netflix added 2.7% after the company announced a 10-for-1 stock split. Electric vehicle maker Tesla was also a winner, with shares seeing a jump of 3.7%.
Friday marked the end of a strong week, and month, for Wall Street. The S&P 500 gained 0.7% this week, while the Nasdaq and Dow climbed 2.2% and 0.8%.
October — which has experienced some of the largest one-day losses in stock market history — saw the S&P 500 climb 2.3%. The Nasdaq jumped 4.7%, and the 30-stock Dow advanced 2.5%. The Dow posted its sixth positive month in a row for the first time since 2018.
Source : Cnbc.com
