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The NASDAQ and the S&P 500 rose on Friday, boosted by shares of tech giant Amazon on the heels of its strong quarterly results.
The Dow Jones Industrials index gained 40.75 points Friday to 47,562.87.
The S&P 500 grabbed 17.86 points to 6,840.20
The NASDAQ revived 143.91 points to 23,724.96.
October — which has experienced some of the largest one-day losses in stock market history — has seen the S&P 500 climb more than 2% over the month.
The NASDAQ has jumped about 5%, and the 30-stock Dow is up more than 2% month to date. The Dow is on pace for its sixth positive month in a row for the first time since 2018.
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 picked up 2.2% and Dow climbed 0.8%.
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.
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%.
Helping out the broader market Friday, streaming giant Netflix added more than 3% after the company announced a 10-for-1 stock split.
Electric vehicle maker Tesla was also a winner, with shares seeing a 3% jump.
Stocks are coming off a lackluster session, as each of the benchmark indexes closed Thursday in the red.
The market was dragged lower by losses in big-name tech stocks Meta Platforms, Microsoft and Nvidia amid investors’ concerns about increasing AI spending. Meta recorded its biggest one-day loss in three years.
Prices for the 10-year Treasury grew, lowering yields to Thursday’s 4.09%. Treasury prices and yields move in opposite directions.
Oil prices advanced 28 cents to $60.85 U.S. a barrel.
Gold prices dipped $3.60 to $4,012.30 U.S. an ounce.
