The S&P 500 closed 0.7% higher at 7,489.72 on Friday, and the Dow Jones Industrial Average notched its fourth straight winning month. Amazon shares surged on strong earnings while Apple fell sharply, and Treasury yields climbed toward multi-year highs.
The Nasdaq Composite rose 1% to end at 25,373.85. The S&P 500 added 0.7% to close at 7,489.72. The Dow Jones Industrial Average also gained 276.97 points, or 0.53%, to 52,485.03.
Those gains capped a volatile month for stocks. The Dow finished July up 0.3%, its fourth consecutive positive month. The S&P 500 dropped 0.1% in July. The Nasdaq fell 3.2% over the same period.
However, bond yields climbed this week as investors lost confidence in Federal Reserve Chairman Kevin Warsh's commitment to curb inflation. The 30-year Treasury yield spiked to its highest level since 2007, last up about four basis points at 5.25%. The 10-year Treasury note topped 4.7%, its highest level since January 2025.
Still, Warsh indicated he is committed to the inflation fight, though he cautioned this week: "We've got no magic wand."
Amazon surged 15% after reporting better-than-expected second-quarter revenue, aided by strength in its cloud-computing business. Apple, by contrast, fell more than 7% after a shortfall in service revenue overshadowed a 22% jump in iPhone sales.
The moves followed a rally Thursday led by Microsoft, which jumped 16% after posting stronger-than-expected Azure cloud growth. That recovery followed a session Wednesday when the Dow plunged more than 1,100 points, its worst one-day decline since April 2025.
Source: US Top News and Analysis
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