Nasdaq adds to record on tech gains as Wall Street opens higher

GMT 16:34 2015 Friday ,24 April

Arab Today, arab today Nasdaq adds to record on tech gains as Wall Street opens higher

Shares in Amazon, Microsoft and Google
New York - UPI

Shares in Amazon, Microsoft and Google soared Friday after strong earnings reports to help the Nasdaq add to its fresh record high in early Wall Street trade Friday.

But other blue-chips sagged, holding the broader market flat.

After finally breaking the 15-year record on Thursday with a 21-point gain, the Nasdaq Composite Index rose another 27.11 points (0.54 percent) after 40 minutes of trade to 5,083.17.

The Dow Jones Industrial Average slipped 11.65 points (0.06 percent) to 18,047.04, while the S&P 500 added 1.64 (0.08 percent) to 2,114.57.

Amazon shares soared 15.8 percent after reporting 15 percent growth in sales in the first quarter and a tripling of revenues from its cloud computing services.

Microsoft gained 6.2 percent helped by a doubling of its cloud revenues and a 44 percent rise in earnings from sales of the Surface tablet, helped by the introduction of the Surface Pro 3.

Google shares were up by 3.6 percent after reporting a 4 percent rise in net profit on 12 percent growth in revenues.

"We continue to see great momentum in our mobile advertising business and opportunities with brand advertisers," said chief financial officer Patrick Pichette.

Market action was otherwise tempered, in part because of a report on March durable goods orders that show that, besides the auto and aircraft sectors, US industry is not growing.

"The export market is under considerable downward pressure, and domestic demand is not growing fast enough to offset that weakness," said Michael Montgomery at IHS Global Insight.

On the Dow, Intel fell 1.0 percent, and Schlumberger and Chevron were both off by 0.8 percent.

Bond prices rose. The yield on the 10-year US Treasury fell to 1.93 percent from 1.95 percent Thursday, while the 30-year dropped to 2.62 percent from 2.63 percent. Bond prices and yields move inversely.


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