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U.S. Stocks End Week Up
(MENAFN) US stocks wrapped up the week on an upswing Friday, with strong earnings from major tech firms easing investor jitters over artificial intelligence spending.
The Dow Jones Industrial Average climbed 0.53%, or 276.97 points, to settle at 52,208.06. The S&P 500 gained 0.7%, or 52.09 points, closing at 7,489.72, while the Nasdaq Composite jumped 1%, or 251.68 points, to finish at 25,373.85. The Volatility Index (VIX) — Wall Street's so-called "fear gauge" — dropped 6.44% to 15.99.
The rally was fueled largely by tech earnings that reassured investors about returns on heavy AI investment. Microsoft and Meta kicked off the wave of results earlier in the week, and Amazon and Apple followed Thursday with their own after the closing bell.
Amazon's second-quarter net sales climbed 20% year-over-year to $200.6 billion. Its cloud unit, Amazon Web Services (AWS), posted even stronger momentum, with revenue up 37% to $42.2 billion — the fastest growth pace AWS has logged in 18 quarters. Shares in the e-commerce giant surged 15.3% on the news.
Robust cloud-computing growth at both Microsoft and Amazon played a key role in calming market anxiety over AI-related spending this week.
Apple told a different story: revenue for the quarter rose 16.4% year-over-year to $109.4 billion, yet its shares tumbled 7.4% after the company flagged potential supply chain disruptions that could weigh on future sales.
Elsewhere, bond markets remained choppy after the Federal Reserve held its benchmark rate steady in the 3.50–3.75% range. The yield on the 30-year US Treasury note hovered around 5.26%.
European Markets Mixed
Trading across Europe was more subdued. The pan-European Stoxx Europe 600 index slipped 0.12% to close at 649.19 points.
The UK's FTSE 100 fell 0.27% to 10,868.05. Germany's DAX 40 edged up 0.07% to 25,629.24, while France's CAC 40 gained 0.28% to reach 8,509.64.
Italy's FTSE MIB 30 rose 0.13% to 52,172.53, and Spain's IBEX 35 added 0.13% to close at 19,782.90.
The Dow Jones Industrial Average climbed 0.53%, or 276.97 points, to settle at 52,208.06. The S&P 500 gained 0.7%, or 52.09 points, closing at 7,489.72, while the Nasdaq Composite jumped 1%, or 251.68 points, to finish at 25,373.85. The Volatility Index (VIX) — Wall Street's so-called "fear gauge" — dropped 6.44% to 15.99.
The rally was fueled largely by tech earnings that reassured investors about returns on heavy AI investment. Microsoft and Meta kicked off the wave of results earlier in the week, and Amazon and Apple followed Thursday with their own after the closing bell.
Amazon's second-quarter net sales climbed 20% year-over-year to $200.6 billion. Its cloud unit, Amazon Web Services (AWS), posted even stronger momentum, with revenue up 37% to $42.2 billion — the fastest growth pace AWS has logged in 18 quarters. Shares in the e-commerce giant surged 15.3% on the news.
Robust cloud-computing growth at both Microsoft and Amazon played a key role in calming market anxiety over AI-related spending this week.
Apple told a different story: revenue for the quarter rose 16.4% year-over-year to $109.4 billion, yet its shares tumbled 7.4% after the company flagged potential supply chain disruptions that could weigh on future sales.
Elsewhere, bond markets remained choppy after the Federal Reserve held its benchmark rate steady in the 3.50–3.75% range. The yield on the 30-year US Treasury note hovered around 5.26%.
European Markets Mixed
Trading across Europe was more subdued. The pan-European Stoxx Europe 600 index slipped 0.12% to close at 649.19 points.
The UK's FTSE 100 fell 0.27% to 10,868.05. Germany's DAX 40 edged up 0.07% to 25,629.24, while France's CAC 40 gained 0.28% to reach 8,509.64.
Italy's FTSE MIB 30 rose 0.13% to 52,172.53, and Spain's IBEX 35 added 0.13% to close at 19,782.90.
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