S&P 500 closes higher Friday as Amazon surges; Dow posts fourth straight winning month: Live updates
The major averages rose on Friday, but the Dow Industrials was the only index to post monthly gains in July.
On Friday, investors witnessed the major averages closing higher as Amazon shares surged and the Nasdaq Composite rose 1% to 25,373.85. The S&P 500 climbed 0.7% to 7,489.72, while the Dow Jones Industrial Average gained 276.97 points to 52,485.03. Treasury bond yields spiked to their highest levels since 2007, with the 10-year Treasury note yielding topping 4.7%, its highest level since January 2025.
Despite the Federal Reserve Chairman Kevin Warsh's statement that they had "no magic wand" for inflation, investors lost faith in his commitment to curb inflation, causing yields to jump. Terry Sandven, chief equity strategist at US Bancorp Asset Management, noted that the market is "a roller coaster market filled with angst and opportunity."
Artificial intelligence-related companies' earnings contributed to investor sentiment, with Amazon surging 15% after reporting better-than-expected second-quarter revenue. The move was fueled by the strength of its cloud-computing business, reinforcing confidence in AI spending. However, Apple fell over 7%. Microsoft and Apple's stock movements reflect investors' mixed sentiment regarding AI spending and its potential returns.
Written by urgent.news from CNBC World's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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