Tue, 11 Aug 2020

U.S. stocks gain amid solid tech earnings

Xinhua
01 Aug 2020, 08:18 GMT+10

NEW YORK, July 31 (Xinhua) -- U.S. stocks finished higher on Friday, fueled by strong earnings reports from big tech names.

The Dow Jones Industrial Average increased 114.67 points, or 0.44 percent, to 26,428.32. The S&P 500 was up 24.90 points, or 0.77 percent, to 3,271.12. The Nasdaq Composite Index advanced 157.46 points, or 1.49 percent, to 10,745.27.

Six of the 11 primary S&P 500 sectors closed higher, with technology up 2.5 percent, leading the advancers. Energy slipped 0.69 percent, the worst-performing group.

Meanwhile, U.S.-listed Chinese companies traded mostly higher, with eight of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on an upbeat note.

On the earnings side, Apple shares surged more than 10 percent on its earnings blowout. The company reported after Thursday's close quarterly revenue of 59.7 billion U.S. dollars, up by 11 percent year on year, with quarterly earnings per diluted share of 2.58 dollars, up by 18 percent.

Shares of Facebook and Amazon rallied after each company reported quarterly results that beat forecasts.

Google-parent Alphabet also beat Wall Street in second-quarter earnings, but the company's overall revenue declined for the first time in its history. The stock struggled on Friday.

Wall Street's major averages advanced for the month. The Dow rose 2.4 percent in July, while the S&P 500 and the Nasdaq gained 5.5 percent and 6.8 percent, respectively.

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