US Stocks Rally to Finish Wild July with Amazon and Apple in Focus

The US stock market closed out a wild July on a high note, with major indexes showing gains despite concerns about inflation. The S&P 500 climbed 0.7% to finish at 7,489.72 after fluctuating throughout the day, while the Dow Jones Industrial Average rose 0.5% to 52,485.03. Amazon was the standout performer, surging after reporting stronger-than-expected profits for the spring quarter.

The tech giant's success suggests that its significant investments in AI may be paying off, and analysts are taking note. Meanwhile, Apple took a hit after forecasting lackluster revenue growth for the upcoming period. Treasury yields also rose as investors worried about inflation potentially remaining high.

Looking at weekly performance, all four major indexes showed gains, with the Nasdaq composite leading the pack at 1.6%. The S&P 500 and Dow are both up around 1%, while the Russell 2000 index of smaller companies is lagging behind with a slim gain of less than 0.1%.