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Amazon on Thursday posted better-than-expected revenue and profits for the second quarter, sending its stock higher in after-hours trading NEW YORK -- Amazon on Thursday posted better-than -expected revenue and profits for the second quarter, sending its stock higher in after-hours trading. The e-commerce giant earned $6.7 billion, or 65 cents per share, for the three-month period ended June 30, much higher the $3.64 billion industry analysts surveyed by FactSet had anticipated. Amazon had reported a loss during the same period last year, driven by a big loss on its investment in electric vehicle start-up Rivian Automotive. Its profits for the second quarter include a pre-tax valuation gain of $0.2 billion in its Rivian investment. The company, which has been on a cost-cutting spree over the past few months, said overall revenue was $134.4 billion, up 11% from the same period last year and beating analyst expectations of 8.5% growth. “It was another strong quarter of progress for...

Stocks edged higher on Wall Street as more gains for Big Tech companies helped bolster the broader market NEW YORK -- Stocks rose modestly in morning trading on Wall Street Friday and are on track to close out a relatively quiet week higher. The S &P 500 rose 0.4% and is headed for a fourth straight week of gains. Slightly more stocks rose in the index than fell. Big Technology companies were doing much of the heavy lifting. The Dow Jones Industrial Average rose 94 points, or 0.3%, to 33,928 as of 10:59 a.m. Eastern. The tech-heavy Nasdaq rose 0.5%. European market s were lower and Asian market s closed higher overnight. Trading has been listless throughout the week amid a lack of any big market moving reports or news. The benchmark S &P index still gained enough ground by Thursday to close 20% above its October low, entering a new bull market. Technology stocks, which have been responsible for much of Wall Street's gains, helped lead the way on Friday. Microsoft rose 0.7...

Stocks closed higher on Wall Street following a batch of mixed news on the economy NEW YORK -- A choppy day on Wall Street ended with broad gains for stocks Friday, though most of the major indexes wound up with their third weekly loss in a row. Mixed economic news weighed on stocks early on, but the indexes rebounded by late afternoon amid relatively light trading ahead of a long holiday weekend. The S &P 500 reversed a 0.7% loss to close 0.6% higher . With one week left of trading in 2022, the benchmark index is down 19.3% for the year. The Dow Jones Industrial Average rose 0.5% and the Nasdaq composite eked out a 0.2% gain. The S &P 500 and Nasdaq posted their third straight weekly loss. Markets are in a tricky situation where relatively solid consumer spending and a strong employment market reduce the risk of a recession but also raise the threat of higher interest rates from the Federal Reserve as it presses its campaign to crush inflation. The government reported Friday...