Alphabet and Microsoft help Wall Street clinch its best week in nearly six months
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Alphabet and Microsoft contributed to Wall Street's best week in nearly six months. The Standard & Poor’s 500 index rallied 1%, the Dow Jones industrial average rose 0.4%, and the Nasdaq composite jumped 2%. Alphabet's stock leaped 10.2% after exceeding profit expectations and announcing a dividend and stock buyback program. Microsoft climbed 1.8% after reporting stronger-than-expected profit and revenue, driven by growth in its cloud-computing business. Intel, however, saw a 9.2% drop in its stock after reporting weaker-than-expected revenue and profit. The stock market has been under pressure due to diminished hopes for interest rate cuts by the Federal Reserve. Inflation remains high, but economists expect it to cool in the coming months. The higher-than-expected inflation readings will likely cause the Fed to hold rates steady at its next policy meeting. So far, about 75% of companies have topped analysts' profit forecasts for the reporting season. The S&P 500 rose 51.54 points to 5,099.96, the Dow added 153.86 points to close at 38,239.66, and the Nasdaq gained 316.14 points to 15,927.90.
#Alphabet #Microsoft #WallStreet #StockMarket #S&p500 #DowJones #Nasdaq #Profit #Revenue #Dividend #StockBuyback #CloudComputing #InterestRates #Inflation
https://www.latimes.com/world-nation/story/2024-04-26/stock-market-today-alphabet-and-microsoft-help-wall-street-clinch-its-best-week-in-nearly-6-months
Los Angeles Times /
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2024-04-26 22:58:50
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2024-04-26 22:58:50Event JSON
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"content": "Alphabet and Microsoft help Wall Street clinch its best week in nearly six months\n==========\n\nAlphabet and Microsoft contributed to Wall Street's best week in nearly six months. The Standard \u0026 Poor’s 500 index rallied 1%, the Dow Jones industrial average rose 0.4%, and the Nasdaq composite jumped 2%. Alphabet's stock leaped 10.2% after exceeding profit expectations and announcing a dividend and stock buyback program. Microsoft climbed 1.8% after reporting stronger-than-expected profit and revenue, driven by growth in its cloud-computing business. Intel, however, saw a 9.2% drop in its stock after reporting weaker-than-expected revenue and profit. The stock market has been under pressure due to diminished hopes for interest rate cuts by the Federal Reserve. Inflation remains high, but economists expect it to cool in the coming months. The higher-than-expected inflation readings will likely cause the Fed to hold rates steady at its next policy meeting. So far, about 75% of companies have topped analysts' profit forecasts for the reporting season. The S\u0026P 500 rose 51.54 points to 5,099.96, the Dow added 153.86 points to close at 38,239.66, and the Nasdaq gained 316.14 points to 15,927.90.\n\n#Alphabet #Microsoft #WallStreet #StockMarket #S\u0026p500 #DowJones #Nasdaq #Profit #Revenue #Dividend #StockBuyback #CloudComputing #InterestRates #Inflation\n\nhttps://www.latimes.com/world-nation/story/2024-04-26/stock-market-today-alphabet-and-microsoft-help-wall-street-clinch-its-best-week-in-nearly-6-months",
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