U.S. stocks are drifting slightly higher at midday Friday as two of the market’s largest companies move in opposite directions.
The Dow Jones Industrial Average (DJINDICES: ^DJI) is up 0.3% as of 12:14 p.m
ET. The S&P 500 (SNPINDEX: ^GSPC) has added 0.2%, on pace for its first winning week in three. The Nasdaq Composite (NASDAQINDEX: ^IXIC) index is also up 0.2%, well off an intraday high near 1.3% reached shortly after the open.
Why Amazon and Apple went their separate ways Amazon (NASDAQ: AMZN) stole the show, jumping 14.9% after posting $200.6 billion in second-quarter revenue. The real headline was Amazon Web Services, where sales grew 37% from a year ago; that’s the fastest AWS has grown in 18 quarters. Management reaffirmed a full-year capex outlook of near $220 billion.