Close Update: Stocks Post Gains Friday Erasing Earlier Losses

Friday, July 31, 2020 4:15 PM | MT Newswires

Gains in shares of Apple (AAPL) and Amazon.com (AMZN) helped push the Nasdaq Composite Index higher as the tech-heavy gauge outperformed its index peers on Friday.

Positive earnings from Apple and Amazon sparked an advance in the Nasdaq, which surged 1.5% to 10,745.27. Apple rose 10.5% while Amazon added 3.7%. The Dow Jones Industrial Average gained 0.4% to 26,428.32 while the S&P 500 climbed 0.8% to 3,271.12. The indexes had spent time in negative territory during the session before reversing course.

For the week, the Nasdaq rose 3.7% while the S&P 500 gained 1.7%. The Dow slipped about 0.2%.

Earnings were a focus this week for investors and helped drive trading on Friday. In addition to upbeat news from Apple and Amazon, the market also got a lift from Facebook (FB), whose shares jumped 8% after it reported after the close Thursday earnings that beat expectations.

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