NEW YORK (AP) — Amazon led the U.S. stock market on Friday to the finish of another winning week and month.
The S&P 500 rose 0.3% and pulled closer to its all-time high set on Tuesday. It closed out a third straight winning week and a sixth straight winning month, its longest monthly winning streak since 2021.
The Dow Jones Industrial Average added 40 points, or 0.1%, and the Nasdaq composite gained 0.6%.
Amazon led the way and jumped 9.6%. The retail giant was by far the strongest force lifting the market after reporting profit for the latest quarter that blew past analysts’ expectations. CEO Andy Jassy said growth for its booming cloud-computing business has accelerated to a pace it hasn’t seen since 2022.
Amazon’s massive size of roughly $2.4 trillion means its stock movements carry more weight on the S&P 500 than almost any other company’s. Without it, the S&P 500 would have been down for the day.
Another highly influential stock, Apple, had less of an 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, though by not as big a margin as Amazon did. CEO Tim Cook said it benefited from strong revenue for both its iPhone lineup 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, where it will give nine additional shares to investors for each they own.
They helped offset a drop for AbbVie, which fell 4.5% even though the medicine maker reported stronger profit for the latest quarter than expected. Analysts pointed to how it’s beating forecasts by less than before, and expectations may have been high after AbbVie’s stock came into the day with a strong 28.4% gain for the year so far.
The pressure is on companies broadly to deliver big growth in profits to justify the huge gains their stock prices have made since April. Criticism has been growing that the U.S. stock market has become too expensive.
