Wall Street climbed on Friday, as a surge in the tech sector and a rally in Amazon shares helped push the Nasdaq to its best day in nearly a year. Julia Sun reports.
Strong earnings from Microsoft, Amazon and Alphabet lifted the Nasdaq and the S&P. Microsoft stock rose after the company reported gains from its cloud computing services. Amazon jumped on good sales numbers. Alphabet advanced on strong growth in advertising. Jane Barratt, founder & CEO of GoldBean. (SOUNDBITE) JANE BARRATT, FOUNDER & CEO, GOLDBEAN (ENGLISH) SAYING: "So there's three really big drivers of the market momentum right now: We have strong GDP numbers that were released this morning; We have the anticipation of the tax plan, which the details should be released next week; And then we have some incredibly strong earnings - across the board, but especially in the tech sector." Adding to the positive sentiment... U.S. GDP grew at a three percent annual rate in the third quarter, despite two back-to-back hurricanes. Merck slipped after the company reported a fall in revenue and loss of market share for many of its older drugs. Mattel plunged after it said it would miss its full-year revenue forecast and stop dividend from the fourth quarter. Expedia slumped after missing on profit. European shares reached a five-month high.