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US stocks gain on tech earnings
U.S. stocks rose on Friday, supported by strong earnings from major companies such as Amazon and Microsoft, with the Nasdaq increasing by 0.8% and the S&P 500 by 0.5%. Amazon's stock soared by 11% after reporting second-quarter revenues that exceeded expectations, boosting investor confidence in artificial intelligence. Additionally, the Semiconductors ETF rose by 5.4%. Conversely, Apple’s stock declined by more than 9% despite surpassing expectations for its third-quarter fiscal revenue, due to a drop in services revenue, even though iPhone sales increased by 22%. The market experienced strong volatility throughout the week, with the Dow Jones dropping more than 1,100 points on Wednesday before recovering and posting weekly gains. However, the major indices are headed for monthly losses amid sharp fluctuations.
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