Amazon Soars as Oil Prices Continue to Rise
US stocks ended July on a high note after a wild ride for Wall Street. The S&P 500 climbed 0.7% after veering between gains and losses throughout the day.
The Dow Jones Industrial Average added 276 points, or 0.5%, while the Nasdaq composite rallied 1%. This marked the S&P 500's first winning week in three months, despite finishing July with a tiny loss.
Amazon led the market with a 15.3% leap after reporting stronger-than-expected profits for its latest quarter. Its profit more than tripled from last year, driven by an acceleration of growth in its cloud computing business.
Analysts say Amazon's AI investments may be paying off, and the company increased its forecast for how much it will spend on investments this year. This followed a similar reaction to Microsoft's stock surge the day before, which soared to its best day in nearly 18 years due to signals that its AI investments are yielding higher profits.