Amazon Drives S&P Higher

Amazon led the stock market on Friday, with shares jumping 9.6%, to the finish of another winning week and month.

• The Dow rose 40.75 points, or 0.1%, to 47,562.87, finishing the week up 0.8%.
• The S&P 500 rose 17.86 points, or 0.3%, to 6,840.20, ending the week with a 0.7% increase.
• The Nasdaq rose 143.81 points, or 0.6%, to 23,724.96, climbing 2.2% for the week.

The online retailer was by far the strongest upward force on the market reporting profit for the latest quarter that blew past analysts' expectations, per the AP. CEO Andy Jassy said growth for Amazon's cloud-computing business has accelerated to a pace not seen since 2022. The company's size, roughly $2.4 trillion, means its stock movements carry more weight on the S&P 500 than almost any other company's. Without Amazon, the S&P 500 would have been down for the day. Apple had less effect on the market even though it's bigger than Amazon. The iPhone maker, which is worth more than $4 trillion, swung between modest gains and losses through the day before finishing with a dip of 0.4%. It likewise delivered a better profit report for the latest quarter than analysts expected. CEO Tim Cook said Apple benefited from strong revenue for its iPhones and its services offerings, which include its app store.

Elsewhere on Wall Street, online message board Reddit jumped 7.5% to erase losses from earlier in the week after reporting stronger profit and revenue for the latest quarter than analysts expected. Coinbase Global rose 4.6% after the crypto exchange's profit likewise topped expectations. Outside of earnings reports, Netflix added 2.7% after the video streamer announced a move that could make its stock price more affordable but still leave all its investors holding the same amount. Netflix will undergo a 10-for-1 stock split, giving nine shares to investors for each one they own. They helped offset a drop for AbbVie, which fell 4.5% even though the medicine maker reported stronger profit than expected. Additional drops on Friday of 1.5% for Microsoft and 2.7% for Meta were the heaviest weights on the US market.