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Strong tech earnings lift US stocks

2020-08-01 HKT 04:27
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  • Apple surged 10.5 percent and Facebook won 8.2 percent, both all-time highs. Photo: Shutterstock
    Apple surged 10.5 percent and Facebook won 8.2 percent, both all-time highs. Photo: Shutterstock
Wall Street stocks finished a choppy session higher on Friday after large tech companies reported strong earnings and Washington policymakers haggled over another round of fiscal support.

The Nasdaq led the major indices, winning 1.5 percent to end at 10,745.

The Dow Jones added 0.4 percent at 26,429, while the S&P 500 gained 0.8 percent to 3,271.

Tech giants Amazon, Alphabet, Apple and Facebook all reported better-than-expected results after the market closed on Thursday, validating surging valuations built on expectations the sector would be a big winner amid the pandemic upheaval.

Apple surged 10.5 percent and Facebook won 8.2 percent, both all-time highs. Amazon also climbed, while Google parent Alphabet ended lower.

"What's good for these companies is not great for everybody else," said Art Hogan, chief market strategist at National Securities.

Broad investor sentiment has been weighed down by worries over the state of negotiations over a follow-up to the Cares Act stimulus measure passed by Congress in March.

Supplemental unemployment benefits paid for by the measure that have been credited with boosting consumption amid soaring joblessness are set to expire on Friday.

"Now that we're coming back for an additional round, Washington politics as usual is taking hold," Hogan said. "Both sides are arguing over things that they want, included in the next round. Neither side wants to give much."

Among other companies reporting results, Chevron fell 2.7 percent, Under Armour shed 6.8 percent and Pinterest surged 36.1 percent. (AFP)