Amazon, Chipmakers Boost Wall Street to First Winning Week

Wall Street experienced a surge on Friday, driven by strong earnings reports from Amazon and chipmakers. The S&P 500 rose 0.5%, marking its first winning week in three. The Dow Jones Industrial Average added 247 points, while the Nasdaq composite jumped 0.9%. Amazon's stock leaped after reporting higher-than-expected profits for the latest quarter.

The company's investments in artificial intelligence (AI) seem to be paying off, with its cloud computing business showing accelerating growth. Despite rising oil prices and concerns about inflation, the market remained optimistic. The Kospi index in South Korea jumped nearly 18% on Friday, following gains on Wall Street.

Microsoft's report of stronger-than-expected profits for the last quarter was seen as a signal that big spending on AI is translating into profits. Traders flooded back into tech companies that had recently declined over doubts about the returns on their huge investments. The rebound in technology stocks led to gains across other markets, including Europe and Asia.