Amazon Earnings Boost Tech Stocks as Sentiment Rebounds
On July 31st, the New York stock market finished higher after Amazon reported strong earnings. The tech sector's investor sentiment had been revived as a result.
The Dow Jones Industrial Average closed at 52,485.03, up 276.97 points or 0.53% from the previous session. The Standard & Poor's (S&P) 500 index finished at 7,489.72, up 52.09 points or 0.70%, while the Nasdaq composite ended at 25,373.85, up 251.68 points or 1.00%
Amazon shares surged by 15.32%. The company announced that its quarterly revenue had topped $200 billion for the first time, driven by growth in its cloud business.
Microsoft (MS) also reported strong earnings, with a 43% year-over-year increase in its cloud institutional sector revenue. This sent Microsoft's stock up 15% the previous day and another 3.02% on July 31st.