Amazon Earnings Boost US Stock Markets Amid Rising Treasury Yields
US stock markets closed higher on Friday following strong earnings from Amazon that offset the impact of higher US Treasury yields.
Amazon's shares surged 15.3 percent after the tech giant reported more than $62 billion in quarterly profits and a 20 percent revenue increase, exceeding analysts' expectations.
The Dow Jones industrial average closed 0.5 percent higher at 52,485.03, while the S&P 500 gained 0.7 percent to finish at 7,489.72 and the Nasdaq Composite ended up 1.0 percent at 25,373.85.
Despite a 7.4-percent fall in Apple due to disappointing outlook, investors remained optimistic about the overall market performance.
CFRA Research's Sam Stovall attributed the gains to Amazon's impressive earnings results, saying 'The earnings picture continues to surprise very much to the upside.'