US Stock Market: DJIA, S&P500 and Nasdaq turns green in early trade on Friday
- Nasdaq Composite was 153.08 points or 1.26% to 12,315.67
- Oil majors Chevron and Exxon reported record profits in second quarter
- Amazon’s shares climbed 11% after the company posted a quarterly loss
Stocks moved up early Friday on Wall Street, despite news that closely monitored inflation data rose to its highest level in four decades last month. Investor sentiment remained positive due to earnings reports released by technology giants Apple and Amazon, as well as oil majors Exxon and Chevron. The S&P 500 and Nasdaq are on track to end July with the biggest gains since November 2020.
The S&P 500 index was 35.34 points or 0.87% higher at 4,107.77 as of 10:19 am Eastern time. The Dow Jones Industrial Average was up 82.41 points or 0.25% to 32,612.04. The technology-heavy Nasdaq Composite was 153.08 points or 1.26% to 12,315.67.
Oil majors Chevron and Exxon reported record profits in the second quarter, on the back of high oil and gas prices. The two companies earned $46 billion in the reported quarter, almost four times the amount of money those two companies made in the same period a year earlier.
Apple shares jumped over 3% after reporting better-than-expected quarterly earnings. Profit for the April-June quarter declined by 10% while revenue grew 2% as it struggled with manufacturing issues and inflationary pressures.
E-commerce giant Amazon’s shares climbed 11% after the company posted a quarterly loss, but its revenue rose sharply in the quarter.
An inflation metric that is closely watched by the Federal Reserve jumped 6.8% in June from a year ago, the biggest jump in four decades, leaving Americans with no relief from soaring prices. On a monthly basis, inflation surged to 1% in June from May's 0.6% monthly increase.
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The data outlined the persistence of the inflation that is affecting Americans’ purchasing power, dimming their confidence in the economy and threatening Democrats in Congress in the run-up to the November midterm elections.