Amazon Soars as Oil Prices Worsen Inflation Worries

The US stock market closed out July with a mixed performance on Friday, as Amazon's strong quarterly earnings sent its shares soaring 15.3%, while Apple's disappointing revenue forecast caused its stock to drop 7.4%.

Despite these swings, the S&P 500 index rose 0.7% and the Dow Jones Industrial Average added 276 points, or 0.5%. The Nasdaq composite also rallied 1% after briefly losing an early 1.3% gain.

The gains came despite another increase in oil prices, which have been affected by the ongoing war with Iran. A barrel of Brent crude rose 1.2% to settle at $87.93, pushing up the cost for gasoline and adding pressure on inflation.