Finance

Stocks higher following strong tech earnings

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Apple CEO Tim Cook delivers the keynote address during the 2020 Apple Worldwide Developers Conference (WWDC) at Steve Jobs Theater in Cupertino, California.

Brooks Kraft/Apple Inc/Handout via Reuters

Dow Jones Industrial Average rises 114 points

The Dow Jones Industrial Average rose 114.67 points, or 0.44%, to 26,428.32. The S&P 500 rose 0.77% to 3,271.12. The Nasdaq Composite finished the day up 1.49% to 10,745.27.

The market also wrapped up the month of July with decent gains. The 30-stock benchmark gained 2.38% this month, while S&P 500 rose 5.51% for its fourth consecutive positive month. The tech-heavy Nasdaq outperformed, climbing 6.82%.

Big Tech blowout earnings

Four of the biggest American tech companies all reported earnings or revenue that crushed Wall Street expectations. Apple posted a historically strong quarter, with revenue jumping 11% amid strong online sales during the pandemic. Amazon and Facebook both reported double-digit revenue growth. Alphabet posted better-than-expected earnings, but the Google parent-company reported its first revenue decline in history.

Shares of Apple…



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https://www.cnbc.com/2020/07/31/what-happened-to-the-stock-market-friday-stocks-higher-following-strong-tech-earnings.html

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