The best week for U.S. stocks since November closed out with more gains thanks to Alphabet and Microsoft on Friday. The S&P 500 rallied 1% to finish its first winning week in the last four. The Dow Jones Industrial Average rose 153 points,
Microsoft beat Wall Street estimates for third-quarter revenue and profit on Thursday, driven by gains from adoption of artificial intelligence across its cloud services, and the company's shares jumped more than 4% in extended trade.
Strong gains for shares of Alphabet Inc. and Microsoft Corp. and a relatively benign inflation report helped push the S&P 500 and Nasdaq Composite higher at the open. Meanwhile, the Dow lagged as a drop in shares of Intel Corp.
Wall Street's main indexes advanced on Friday as most megacap growth stocks rose after robust quarterly results from Alphabet pushed its market value over $2 trillion, while an in-line inflation reading calmed interest rate jitters.
Big Tech stocks are propelling a popular exchange-traded fund to a big weekly gain, as shares of Google parent Alphabet Inc. and Microsoft Corp. jump after reporting quarterly earnings. The Invesco QQQ Trust Series I,
Microsoft and Google’s owner Alphabet have quashed investor scepticism around the vast sums spent on developing artificial intelligence, after being boosted by rampant corporate demand for their cloud computing services.
Friday's PCE inflation data for March came in as expected on a monthly basis, "allaying some of the worst fears," according to Chris Low, chief economist for FHN Financial in New York. "Inflation was bad,
Alphabet and Microsoft led the U.S. stock market to its first winning week in the last four and its biggest weekly gain since November. The S&P 500 rose 1% Friday.
Microsoft's shares advanced 3.84% in trading before the U.S. market opened after the company beat Wall Street estimates for third-quarter revenue and profit, driven by gains from the adoption of AI across its cloud services.
Wall Street ended solidly higher on Friday, after earnings from tech behemoths Microsoft (MSFT) and Alphabet (GOOG) (GOOGL) reignited the artificial intelligence (AI) craze. Moreover, traders bracing for another hotter-than-expected reading on inflation were calmed after the Federal Reserve's preferred price gauge largely matched estimates.
The stock market climbed Friday, as investors digested positive earnings reports from Alphabet and Microsoft and the latest PCE inflation data. The S&P 500, the Dow Jones Industrial Average, and the Nasdaq Composite all closed higher.
Strong gains for Alphabet and Microsoft have the U.S. stock market on track for its first winning week in the last four. The S&P 500 rose 0.6% early Friday. The
Bond prices rallied and yields retreated in relief Friday after the latest inflation figures matched expectations. Traders had been fearing a hotter-than-expected reading. The 2-year Treasury yield was down to 4.
U.S. stock index futures advanced on Friday as megacap growth shares rebounded on the back of robust quarterly results from Alphabet and Microsoft, while investors awaited a key inflation print that could help shape U.
The major market averages edged up on Friday, with Nasdaq Composite leading the pack helped by a boost from Alphabet's (GOOGL) and Microsoft's (MSFT) quarterly results, while investors also received further inflation data.