Stocks ended higher on Friday, with the Nasdaq outperforming after a slew of better than expected corporate earnings results from major tech firms. Facebook and Apple posted record closing highs.
Friday’s session marked the last of July, with each of the three major indices closing out a fourth straight month of gains. The S&P 500 rose about 5%, the Dow increased 2% and the Nasdaq outperformed, rising more than 6.5% on the month.
Tech titans Facebook (FB), Amazon (AMZN), Apple (AAPL), and Alphabet (GOOG, GOOGL), each reported quarterly results that blew past estimates Thursday evening, affirming these companies’ pandemic-era dominance following a steep run-up in tech stocks over the past couple months.
Facebook grew its revenue 11% over last year as its advertising business remained resilient despite the pandemic-related slowdown across the broader ad industry. Alphabet’s ad business was hit more prominently by that trend, with Google ad revenue falling