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US shares higher on China rate cut US shares higher on China rate cut
(about 7 hours later)
(Open): Shares on Wall Street rose on Friday, boosted by a rate cut in China. (Closed): Wall Street ended the day up, following strong technology company earnings reports and a rate cut in China.
In early trading, the Dow Jones was up 110.91 points or 0.63%, to 17,600.07. The Dow Jones gained 157.54 points, or 0.9%, to 17,646.70, while the wider S&P 500 rose 22.64 points, or 1.1%, to 2,075.15.
The S&P 500 index rose 0.89%, or 18.24 points, to 2,070.75 while the Nasdaq climbed 1.85% or 91.20 points to 5,011.25. The Nasdaq climbed 111.82 points, or 2.3%, to 5,031.86, on the back positive tech earnings reports late on Thursday.
Shares in Microsoft surged by 10% after better than expected results. Google owner Alphabet and Amazon also rose after earnings releases late on Thursday. This is the first time the index has closed above 5,000 since August.
Alphabet shares were up 10%, reaching a record of $752.50. After the closing bell last night it reported a 50% rise in profits to $3.98bn, helped by growth from mobile searches and YouTube users. Shares in Microsoft surged 10% after better-than-expected results. Google owner Alphabet and Amazon also rose after strong results on Thursday.
Similarly, Amazon rose 7% after it surprised investors with a profit for the second quarter in a row, thanks to sales in the US. Alphabet shares finished up 7.9%, after reaching a record of $752.50 early in the day. After the closing bell last night, it reported a 50% rise in profits to $3.98bn, helped by growth from mobile searches and YouTube users.
The rate cut in China lifted overall sentiment on the markets. Similarly, Amazon rose 6.2% after it surprised investors with a profit for the second quarter in a row.
"Some of the worst fears associated with China were put to bed at least temporarily," Ernie Cecilia, chief investment officer of Bryn Mawr Trust told Reuters. The positive results helped boost other technology shares. Apple, which will report earnings next Tuesday, closed up 3.1%.
The rate cut in China also lifted overall sentiment on the markets.
"Some of the worst fears associated with China were put to bed, at least temporarily," said Ernie Cecilia at Bryn Mawr Trust.