Amazon Surges 13% as US Stock Market Closes July on High Note

The US stock market closed July on a high note, with the Nasdaq Composite index advancing by 1.21% to 25,425.23.

This gain was led by Amazon, which surged 13% after reporting better-than-expected cloud growth and optimism about its AI investments.

The S&P 500 index rose 0.91% to 7,505.90, while the Dow Jones Industrial Average increased 0.71% to 52,576.13.

However, small-cap stocks fell by 0.5%, indicating some breadth problems in the market.