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U.S. Stocks End Friday on High Note
(MENAFN) US equity markets closed in positive territory Friday, propelled by Amazon's robust quarterly performance that energized the Nasdaq and capped off monthly advances across all major benchmarks.
The Dow Jones Industrial Average climbed 40.75 points, or 0.09 percent, settling at 47,562.87. The S&P 500 advanced 17.86 points, or 0.26 percent, reaching 6,840.20. The Nasdaq Composite surged 143.81 points, or 0.61 percent, to 23,724.96, rebounding from intraday volatility.
Six of the S&P 500's 11 primary sectors declined, with materials and utilities retreating 0.86 percent and 0.77 percent, respectively. Consumer discretionary and energy sectors dominated gainers, soaring 4.08 percent and 0.64 percent, respectively.
d 9.58 percent following the e-commerce titan's disclosure of a 20 percent year-over-year revenue surge from its cloud computing division, Amazon Web Services (AWS), exceeding Wall Street forecasts. Amazon CEO Andy Jassy said AWS is "growing at a pace we haven't seen since 2022," with "strong demand" from AI and core infrastructure services.
"AI adoption is picking up, which makes the business investments in growing computing power and functionality of Gemini worthwhile. This will be a key metric going forward as we now have more than 600 billion U.S. dollars in CAPEX spending committed for next year," Brian Mulberry, client portfolio manager at Zacks Investment Management, told media.
October—traditionally a turbulent month for equities—saw the S&P 500 gain 2.3 percent and the Nasdaq leap 4.7 percent, while the Dow rose 2.5 percent. The Dow also secured its sixth consecutive monthly advance, its longest winning sequence since 2018.
Federal Reserve officials issued their initial public statements since this week's policy meeting, which delivered an interest rate reduction while exposing internal disagreements. Kansas City Fed President Jeff Schmid indicated he would have preferred maintaining rates unchanged, characterizing inflation as "too high." Dallas Fed President Lorie Logan, a nonvoting member this year, similarly expressed preference for no adjustment.
Market participants subsequently reduced expectations for a December rate cut following these remarks, with pricing now reflecting just over 60 percent probability, down from more than 90 percent a week earlier.
The Dow Jones Industrial Average climbed 40.75 points, or 0.09 percent, settling at 47,562.87. The S&P 500 advanced 17.86 points, or 0.26 percent, reaching 6,840.20. The Nasdaq Composite surged 143.81 points, or 0.61 percent, to 23,724.96, rebounding from intraday volatility.
Six of the S&P 500's 11 primary sectors declined, with materials and utilities retreating 0.86 percent and 0.77 percent, respectively. Consumer discretionary and energy sectors dominated gainers, soaring 4.08 percent and 0.64 percent, respectively.
d 9.58 percent following the e-commerce titan's disclosure of a 20 percent year-over-year revenue surge from its cloud computing division, Amazon Web Services (AWS), exceeding Wall Street forecasts. Amazon CEO Andy Jassy said AWS is "growing at a pace we haven't seen since 2022," with "strong demand" from AI and core infrastructure services.
"AI adoption is picking up, which makes the business investments in growing computing power and functionality of Gemini worthwhile. This will be a key metric going forward as we now have more than 600 billion U.S. dollars in CAPEX spending committed for next year," Brian Mulberry, client portfolio manager at Zacks Investment Management, told media.
October—traditionally a turbulent month for equities—saw the S&P 500 gain 2.3 percent and the Nasdaq leap 4.7 percent, while the Dow rose 2.5 percent. The Dow also secured its sixth consecutive monthly advance, its longest winning sequence since 2018.
Federal Reserve officials issued their initial public statements since this week's policy meeting, which delivered an interest rate reduction while exposing internal disagreements. Kansas City Fed President Jeff Schmid indicated he would have preferred maintaining rates unchanged, characterizing inflation as "too high." Dallas Fed President Lorie Logan, a nonvoting member this year, similarly expressed preference for no adjustment.
Market participants subsequently reduced expectations for a December rate cut following these remarks, with pricing now reflecting just over 60 percent probability, down from more than 90 percent a week earlier.
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