Nasdaq jumps after bumper earnings for Big Tech
Blowout quarterly results for tech giants propelled US stocks higher, even as much of the rest of the economy reports a deep blow from the pandemic.
The tech-heavy Nasdaq 100 index jumped 1.7 per cent at the opening bell after four of the largest US tech companies posted resilient quarterly results late on Thursday.
Facebook led the gains with a 7 per cent increase. Apple rose about 6 per cent, while Amazon climbed 5.7 per cent. Alphabet, the parent of Google, slipped 4 per cent after it disclosed the first decline in sales ever reported by the internet group.
The US benchmark S&P 500 stock index added 0.3 per cent. Chevron and ExxonMobil reported heavy quarterly losses on Friday, with shares in the oil majors slipping about 4 per cent and 0.4 per cent, respectively.
Americans increase spending in June
US consumers lifted spending in June, even as parts of the country dealt with a flare-up in coronavirus cases.
Personal consumption expenditures were up 5.6 per cent against the prior month, the Bureau of Economic Analysis said on Friday. That compared with