Amazon Soars as US Stocks Rise Amid Inflation Worries

The US stock market closed July on a positive note after experiencing a wild month of fluctuations. The S&P 500 rose by 0.7% while the Dow Jones Industrial Average increased by 276 points, or 0.5%. The Nasdaq composite also rallied, gaining 1% after briefly losing its early gains.

Amazon led the market with a remarkable jump of 15.3%, outperforming analysts' expectations for the latest quarter. The company's profit more than tripled from last year, thanks to an acceleration in growth within its cloud computing business. This development has sparked hopes that Amazon's massive investments in artificial intelligence technology are starting to pay off.

Chip companies, such as Micron Technology, experienced significant swings due to the increased demand for processors and computer memory driven by the AI boom. However, Apple fell 7.4% despite reporting stronger profit for the latest quarter than expected, primarily due to a shortfall in revenue growth forecast for the current quarter.