Stocks rise on tech earnings; Nasdaq adds to record
NEW YORK (AP) — Stock indexes edged higher Friday, helped by gains in big technology companies including Google, Amazon and Microsoft.
KEEPING SCORE: The Standard & Poor’s 500 index rose five points, or 0.3 percent, to 2,118 as of 12:05 p.m. Eastern. The Nasdaq composite added 38 points, or 0.8 percent, to 5,094 and the Dow Jones industrial average was up 38 points, or 0.1 percent, at 18,073.
BIG GAINS IN BIG TECH: Microsoft, Amazon and Google all rose sharply after the companies reported earnings that came in above analysts’ expectations.
Amazon jumped $57.70, or 15 percent, to $447.68. While the company reported a quarterly loss, investors were encouraged the growth in some of Amazon’s other businesses, including Amazon’s cloud computing division.
Microsoft rose $3.88, or 9 percent, to $47.22. The software giant had results that beat expectations, and like Amazon, showed promising growth in its non-traditional businesses like cloud computing.
Google rose $19.11, or 4 percent, to $566.19. The search and advertising company missed analysts’ expectations; the company had strong growth in mobile advertising.
GREECE: A meeting between Greece and its creditors ended without a deal. A top official said “significant” progress is still needed. The lack of a deal keeps uncertainty over Greece, which is forecast to have enough money only for another few weeks.
WALK AWAY: Time Warner Cable and Comcast rose after the companies called off their $45 billion merger following pressure from regulators. Comcast rose 4 cents to $59.27 and Time Warner Cable rose $3.82, or 3 percent, to $152.58.
NASDAQ RECORD: On Thursday the Nasdaq composite rose to 5,056.06 points, beating the record of 5,048.62 it set on March 10, 2000 at the height of the dot-com boom.
ENERGY: Benchmark U.S. crude oil fell $1.17 to $56.53 a barrel on the New York Mercantile Exchange.
CURRENCIES, BONDS: The dollar fell to 118.98 yen from 119.62 yen. The euro was little changed at $1.0875. U.S. government bond prices rose. The yield on the 10-year Treasury note fell to 1.91 percent from 1.96 percent late Thursday.