Nasdaq and S&P 500 rip to record close after blowout tech earnings; Amazon tops $1,100
Nasdaq composite rose to a record high on Friday as Wall Street cheered the blowout quarterly reports from three of the world's biggest tech companies.
The tech-heavy Nasdaq composite and Nasdaq 100 rose 2.2 percent and 2.9 percent, respectively, to hit record highs.
Leading the ETF higher were shares of Amazon, Microsoft and Google-parent Alphabet; their stocks rose 13.2 percent, 6.4 percent and 4.3 percent, respectively.
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Wall Street is buzzing over Amazon's impressive September quarter results.
Analysts say they are growing more confident Amazon's success will continue because of its proven ability to invest in new opportunities.
"Amazon is one of the highest quality companies in the internet sector considering its consistent innovation and execution, the size of the opportunities it is pursuing, and its positioning within those future growth opportunities," Citi Research analyst Mark May wrote Friday.
"We believe the company is positioned well relative to a number of growth vectors in the Internet sector and see upside to shares considering its compelling growth versus industry peers."
But can this YUGE runup in its stock price continue?