Amazon's Surprise Profit Boost Lifts Wall Street as Apple Falls

The US stock market wrapped up a wild July with gains on Friday as Amazon's surprise profit boost and Apple's weaker forecast took center stage.

Amazon led the charge, surging 15.3% after reporting a more than tripled quarterly profit thanks to its cloud computing business growth. The tech giant also increased its investment forecast for the year.

Apple, on the other hand, dropped 7.4% despite beating profit expectations due to a revenue growth shortfall in the current quarter.

The S&P 500 rose 0.7%, and the Dow Jones Industrial Average added 276 points or 0.5%. The Nasdaq composite rallied 1% after briefly losing its early 1.3% jump.