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Wall Street saw a rally of tech stocks before the weekend, thanks to the positive earnings reports major tech companies revealed. Reuters said the earnings reports had surpassed analysts’ expectations, which resulted to S&P 500 going to a positive territory for the year and above its 200-day moving average since August 19 for the first time. Dow Jones, on the other hand, saw its Industrial Average increase by a significant 0.9%, Bloomberg added.
Motley Fool said the tech rally was lead by two industry giants, Microsoft and Amazon.com. Both companies announced its third-quarter results on Friday pre-trading with positive data. The results reportedly inspired investors by pushing the companies’ stock prices up. In between the two stocks, the site said USD70 billion of additional market capitalization was raised in just one trading day.
“Stocks are back. We’re back on track as far as a cheap money, quantitative easing, risk-on trade is concerned,” said Robert Pavlik, chief market strategist at Boston Private Wealth.
