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Amazon carries Wall Street to another winning month

NEW YORK (AP) — Amazon led the U.S. stock market on Friday to the finish of another winning week and month.

The S&P 500 rose 0.3% and pulled closer to its all-time high set on Tuesday. It closed out a third straight winning week and a sixth straight winning month, its longest monthly winning streak since 2021.

The Dow Jones Industrial Average added 40 points, or 0.1%, and the Nasdaq composite gained 0.6%.

Amazon led the way and jumped 9.6%. The retail giant was by far the strongest force lifting the market after reporting profit for the latest quarter that blew past analysts’ expectations. CEO Andy Jassy said growth for its booming cloud-computing business has accelerated to a pace it hasn’t seen since 2022.

Amazon’s massive size of roughly $2.4 trillion means its stock movements carry more weight on the S&P 500 than almost any other company’s. Without it, the S&P 500 would have been down for the day.

Another highly influential stock, Apple, had less of an effect on the market even though it’s bigger than Amazon. The iPhone maker, which is worth more than $4 trillion, swung between modest gains and losses through the day before finishing with a dip of 0.4%.

It likewise delivered a better profit report for the latest quarter than analysts expected, though by not as big a margin as Amazon did. CEO Tim Cook said it benefited from strong revenue for both its iPhone lineup and its services offerings, which include its app store.

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