Strong quarterly results from Amazon and Microsoft drove the Nasdaq Composite to its best weekly performance in three months.
The Nasdaq Composite Index climbed 1% on Friday, capping a 3.8% weekly gain. Amazon surged after reporting better-than-expected quarterly earnings, while Microsoft’s results earlier in the week also lifted sentiment.
The index had fallen in the prior three sessions before rebounding sharply on Thursday with a 2.78% jump. The gains mark the strongest weekly performance since late April, reversing a month-long downturn.
Major tech stocks led the rally, with both Amazon and Microsoft contributing significantly to the index’s recovery.