New york: Wall Street closed higher on Friday, supported by a rally in Amazon shares after the technology giant’s strong quarterly results boosted investor confidence in artificial intelligence-related stocks, while Apple shares declined after its earnings disappointed investors.
According to Emirates News Agency, Amazon’s stock surged after the company reported its strongest quarterly revenue growth in more than four years. Its results, together with Microsoft’s strong earnings released on Wednesday, helped ease investor concerns over potential overspending on artificial intelligence data centres.
Apple shares fell after the company warned that supply constraints would weigh on growth, adding to concerns that recent iPhone price increases could dampen consumer demand.
The S and P 500 rose 51.89 points, or 0.70 percent, to close at 7,489.52 points, while the Nasdaq Composite gained 254.52 points, or 1.01 percent, to end the session at 25,376.69 points.
The Dow Jones Industrial Average advanced 280.77 points, or 0.54 percent, to close at 52,488.83 points.
