Amazon Fuels Stocks to End Wild July on High Note

U.S. stocks ended July on a high note as Amazon's strong quarterly earnings pushed its stock up by 15.3% and led the market rally.

The S&P 500 climbed 0.7%, the Dow Jones Industrial Average added 276 points or 0.5%, and the Nasdaq composite rallied 1% after briefly losing all of an early 1.3% jump.

Amazon's profit more than tripled from a year earlier, thanks in part to accelerated growth in its cloud computing business.

The company also increased its forecast for investments this year, which analysts said could be a signal that Amazon's huge artificial intelligence (AI) investments are paying off.