United States stocks gain amid solid tech earnings

Provided by CNBC Shipping containers at the Port of Seattle

Provided by CNBC Shipping containers at the Port of Seattle

The stellar earnings results from America's tech titans lifted the Nasdaq 1% on the last trading day of July.

Apple Inc surged as much as 7.1% to briefly take over Saudi Aramco as the world's most valuable public company, as it delivered year-on-year revenue gains across every category and in every geography.

The NASDAQ on Friday jumped more than 1 percent, powered by strong earnings from some of the largest United States companies, but the Dow Jones Industrial Average and S&P 500 finished with smaller gains as uncertainty about the government's next round of COVID-19 aid kept economic worries on the radar.

Inc gained 3.7 percent after posting its biggest profit ever, while Facebook Inc jumped 8.2 percent after the social media platform blew past revenue expectations.

TNN Google-parent Alphabet Inc, on the other hand, fell 4.5% as quarterly sales dipped for the first time in its 16 years as a public company.

On Friday, the Dow Jones Industrial Average increased 114.67 points, or 0.44 per cent, to 26,428.32.

The four companies are among the top five in market capitalisation, representing roughly 20 per cent of the S&P 500's total.

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The Dow is down 156.24 points, or 0.6%. The company reported after Thursday's close quarterly revenue of USA $59.7 billion, up by 11 per cent year on year, with quarterly earnings per diluted share of United States $2.58, up by 18 per cent.

S&P 500 remains on track to close fourth straight month with gains. The Nasdaq Composite Index advanced 157.46 points, or 1.49 per cent, to 10,745.27, Xinhua news agency reported.

Nonetheless, despite Friday's gains in the Wall St., investors' cautions had intensified markedly as a number of tourism and aviation groups had been revealing their worst quarter in decades, while energy stocks had fanned the flames of worries further following US Energy Information Administration's report that the US energy consumption had dropped to a 30-year low in April this year.

Caterpillar fell 2.8 per cent after the bellwether for economic activity offered little signs of improvement in equipment sales.

The S&P 500 is up 40.34 points, or 1.2%.

About 11.01 billion shares changed hands in United States exchanges, compared with the 10.53 billion daily average over the last 20 sessions.

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