Tech Companies Lead Stock Rally

Dow ends day up 33
By Newser Editors and Wire Services
Posted Oct 27, 2017 3:21 PM CDT
Traders Fred DeMarco, left, and Craig Esposito work on the floor of the New York Stock Exchange, Thursday, Oct. 26, 2017.   (AP Photo/Richard Drew)

(Newser) – Technology companies are leading a stock market rally on Wall Street Friday as investors applaud third-quarter reports from big names including Microsoft and Google's parent company Alphabet, the AP reports. Investors also cheered a report Friday that showed the US economy grew by a stronger than expected 3% in the third quarter. Microsoft rose 7.3% and Alphabet jumped 4.8%. Online retailer Amazon soared 13.6%. Traditional retailers plunged after department store JC Penney cut its forecasts. It fell 14.8% and Macy's lost 7.7%. The Standard & Poor's 500 index gained 20 points or 0.8%, to 2,581. The Dow Jones industrial average rose 33 points, or 0.1%, to 23,434. The Nasdaq composite soared 144 points, or 2.2%, to 6,701. (Read more stock market stories.)

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