US Stocks Climb Higher As Nasdaq Surges above Record

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US Stocks Climb Higher As Nasdaq Surges above Record

US stocks opened higher as strong first quarter corporate earning reports by giants by Amazon, Google and Microsoft propelled the Nasdaq Composite above a record close.

Google advanced 3.7% after reporting an unprecedented increase in advertisement volume while Amazon jumped more than 15% after reporting better than expected sales results for the three month period ending March 31.

Microsoft reported its highest intraday gain after advancing by more than 9.1% after reporting that that profit for the first quarter of 2013 grew by more than expected. Apple Inc grew 0.09% and is more than 18% up this year having paced the index’s gains.

According to Reuters, Comcast’s shares also rose 0.9% after it announced that it was going to abandon its proposed $45 billion takeover of Time Warner Cable after industry watchdogs warned that the deal would confer the company an unfair in the internet-based services industry.

The technology heavy Nasdaq Composite, boosted by the rally in technology stocks, most recently climbed 38 points or 0.76% to 5096.96 to build on Thursdays record close of 5059.5 points.

Traders, however, remain wary that the rally in the tech-heavy gauge at a time of marked market volatility is not sustainable.

Analysts, however, lifted market sentiment by stating that the gauge was set to record more growth as tech shares continue to show strength.

“Tech is the whole story today on the upside,” Art Hogan, chief market strategist at Wunderlich Securities, told the Wall Street Journal. “That’s where the excitement is.”

“The Nasdaq has been outperforming this earnings season as it’s clearly less impacted by energy prices and the strong dollar,” Mr. Hogan said.

The S&P 500 Index advanced 5.2 points or 0.3% to 2118 points on strong earnings and hopes that Greece would reach a deal with her international creditors after officials privy to the talks reported that significant progress was made.

The Dow Jones Industrial Average edged up a modest 19 points or 0.1% to 18,078 to complete a positive day for the indexes on Friday.

To contact the reporter of the story: Jonathan Millet at john@forexminute.com