Stocks rose on Friday as Wall Street cheered a strong quarterly report from Microsoft sent the stock to an all-time high.
The Dow Jones Industrial Average climbed 68 points, or 0.3%. The S&P 500 traded 0.2% higher. The Nasdaq Composite advanced 0.2%.
Microsoft shares rose 1.7% and hit a record after the tech giant posted quarterly earnings and revenue that topped analyst expectations. The company’s results were driven by a 39% year-over-year surge in cloud revenue.
“This quarter was an absolute ‘blow out quarter’ across the board with no blemishes and in our opinion speaks to an inflection point in deal flow as more enterprises pick Redmond for the cloud,” said Dan Ives, an analyst at Wedbush, in a note. “While the stock has been very strong and a trillion dollar market cap is now reached, we believe the cloud party is just getting started in Redmond as evidenced by the robust guidance MSFT provided.”
American Express, another Dow component, also reported better-than-expected earnings. However, the company’s stock dropped more than 2%.
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