Big Tech continues to steamroll through the pandemic, and strong gains for some of the market’s most influential companies on Friday helped Wall Street close out its fourth straight winning month.
The S&P 500 rose 24.90 points, or 0.8%, to 3,271.12 following blowout profit reports from Apple and several other tech titans. The gains didn’t come easily, though, and the stock market flipped up and down through the day amid worries about the economy and whether Congress can find agreement on more aid for it.
Expedia Group slumped 4.6% after it reported weaker results for the latest quarter than Wall Street expected. The company’s chief executive, Peter Kern, called it “likely the worst quarter the travel industry has seen in modern history.” Also helping to prop up the S&P 500 was the power of big tech-oriented stocks. Amazon, Apple and Facebook each reported stronger profit for the latest quarter than Wall Street expected late Thursday, and each rose at least 3.7% in their first trading following the reports. They’re three of the biggest companies in the world, making up nearly 13% of the S&P 500 themselves, so their movements hold great sway over indexes.
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