US stock indices rose on Friday after strong results from Exxon and Intel softened the impact of a slowdown warning from Amazon, while economic data reinforced expectations that the Federal Reserve will raise interest rates next week.
The S&P 500 index rose 1.5% in April to 4,169.48 units, while the Nasdaq was unchanged from the start of the month at 12,226.58 units. Meanwhile, the Dow Jones Industrial Average increased 2.5%, to 34,098.16 units.
The benchmark S&P 500 index closed a second straight monthly gain on the back of higher-than-expected earnings from large-cap companies including Alphabet Inc, Microsoft and Meta Platforms.
“Wall Street doesn’t want to let the S&P 500 bears win. US stocks hold gains after a mixed round of economic data stymied expectations of a further Fed hike and as banking concerns could allow them to signal that they will stick around in the future,” said Edward Moya, an analyst at OANDA.
Moya added that overall earnings have been impressive this week, with technology leading the way. Even with Amazon’s downbeat call suggesting weakness with cloud growth, optimism remains for a strong second quarter.
With information from Reuters