Amazon Leads Stocks Higher as US Market Wraps Up Wild July

The US stock market finished July on a high note, despite concerns about inflation and rising oil prices. The S&P 500 rose 0.7%, with Amazon leading the charge after reporting a significant increase in profits. The tech giant's shares jumped 15.3% following the release of its quarterly earnings.

However, not all stocks fared as well. Apple saw its shares drop by 7.4% despite also beating profit expectations. Its revenue forecast for the current quarter fell short of analyst predictions, which was attributed to a supply crunch related to the artificial intelligence boom.

The chipmaker Micron Technology experienced significant volatility, initially rising 6.4% before plummeting to a loss of 5.9%. The Dow Jones Industrial Average added 276 points, or 0.5%, while the Nasdaq composite rallied 1%

Oil prices continued to rise, with Brent crude settling at $87.93 per barrel after fluctuating between $72 and $102 earlier in July. Higher oil prices have pushed gasoline costs up by nearly a dollar across the US.