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Stocks rose at the open as Wall Street cheered a strong quarterly report from Microsoft sent the stock to an all-time high.
The Dow Jones Industrial Average gained 77.18 points to 27,300.15
The S&P 500 acquired 6.96 points to 3,002.07
The NASDAQ Composite gained 30.35 points to 8,237.60
Microsoft shares rose 2.5% after the company dubbed "Mr. Softee" posted quarterly earnings and revenue that topped analyst expectations. The company’s results were driven by a 39% year-over-year surge in cloud revenue.
American Express, another Dow component, also reported better-than-expected earnings. However, the company’s stock slipped 0.7%.
More than 15% of S&P 500 companies have reported earnings thus far. Of those companies, 79% have posted a better-than-expected profit
Stocks eked out small gains in the previous session after New York Federal Reserve President John Williams said the central bank needed to "act quickly" when the economy was slowing and rates were low, adding in a speech that it is "better to take preventative measures than wait for disaster to unfold."
However, a spokesperson for the New York Fed moved to cool the speculation arising from Williams’ comments, telling the media that he was drawing from academic research, not hinting at potential policy actions at the upcoming Federal Open Market Committee (FOMC) meeting.
Prices for the benchmark 10-year U.S. Treasury lost ground, boosting yields to 2.05% from Thursday’s 2.03%. Treasury prices and yields move in opposite directions.
Oil prices increased 20 cents at $55.50 U.S. a barrel.
Gold prices hiked $12.90 to $1,441.00 U.S. an ounce.
