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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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With more than 20 years’ trading experience, Ed Moya is a market analyst with OANDA, producing up-to-the-minute fundamental analysis of geo-political events and monetary policies in the US, Europe, the Middle East and North Africa. Over the course of his career, he has worked with some of the world’s leading forex brokerages and research departments including Global Forex Trading, FX Solutions and Trading Advantage. Most recently he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including BNN, CNBC, Fox Business, and Bloomberg. He is often quoted in leading print and online publications such as the Wall Street Journal and the Washington Post. He holds a BA in Economics from Rutgers University. Follow Ed on Twitter @edjmoya
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