Technology shares surge in early trade; Amazon, Microsoft up

AP News
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Posted: Oct 23, 2015 9:40 AM
Technology shares surge in early trade; Amazon, Microsoft up

NEW YORK (AP) — Technology shares are surging in early trading after several big-name companies reported big earnings gains.

Microsoft, Amazon and Google's parent company Alphabet are all sharply higher in the first few minutes of trading Friday. All three released surprisingly strong results the day before.

The Nasdaq composite, which is heavily weighted with technology stocks, rose 89 points, or 1.8 percent, to 5,011.

The Dow Jones industrial average rose 125 points, or 0.7 percent, to 17,614. The Standard & Poor's 500 index climbed 18 points, or 0.9 percent, to 2,070.

The gains were enough to put the S&P 500 back into the black for the year following a market swoon in August and September.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.08 percent.