Tech Leads Stock Gains on Earnings; Pound Falls: Markets Wrap
- Amazon sinks as profit declines for first time in two years
- Intel rises on bullish sales forecast amid data-center demand
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Technology shares led gains in U.S. stocks as investors assessed a raft of corporate earnings against the backdrop of a global economic slowdown. The pound fell.
The S&P 500 Index traded above the 3,000 level, approaching its all-time high. Microsoft Corp. jumped after earnings beat expectations, while a positive outlook from Lam Research Corp. spurred a surge in chipmakers. Tesla Inc. soared after posting a surprise profit. The Dow Jones Industrial Average underperformed as 3M Co.’s results showed the downturn continued to hobble the manufacturer. Twitter Inc. tumbled on a disappointing forecast.