Amazon, Microsoft Jump as Embrace of Cloud Fuels Profit
Breaking Down the Nasdaq’s Record High
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Microsoft Corp. and Amazon.com Inc. shares made record gains, fueled by robust results at their Internet business and confidence in technology stocks that pushed the Nasdaq Composite to a record this week.
For the first time, Amazon broke out sales from its division that sells computing power and software via the Web, reporting a 49 percent jump last quarter. Microsoft’s profit topped estimates, underscoring healthy demand for software delivered through the cloud. Google Inc. also benefited from rising volume of online ads.