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Tech Giants Power Nasdaq To Fresh High; Dow Lags But Chip Giant Shines | Stock News & Stock Market Analysis

The Nasdaq composite held a solid gain in afternoon trading Friday helped by strong earnings from tech bellwethers Amazon.com (AMZN), Alphabet (GOOGL) and Microsoft (MSFT).

XAutoplay: On | OffThe Nasdaq was up 2.2%; the S&P 500 picked up 0.8% and the Dow Jones industrial average lagged, rising 0.2%, weighed down by weakness in shares of Merck (MRK) and Chevron (CVX) which slumped 6% and 4% respectively on earnings.

But the blue-chip index had plenty of strong gainers as well with Apple (AAPL), Microsoft and Intel (INTC) showing gains ranging from 3% to 8%. Wall Street liked the look of Intel’s Q3 earnings report that also came with bullish guidance.

In the stock market today, Amazon gapped up over a 1,083.41 buy point after earnings and sales easily topped expectations. Shares soared 13% to 1,102. Alphabet, meanwhile, gapped up and reclaimed a 1,006.29 buy point, rising more than 5%. Microsoft sailed ahead 7% to 84.32, but it was already well extended from a prior 74.52 entry.

Among financials, Silicon Valley-based SVB Financial (SIVB) gapped out of a lengthy consolidation with a 191.57 buy point. Shares jumped 13% to 217.27 after the company reported its third straight quarter of accelerating earnings and sales growth.

Inside the IBD 50, Align Technology (ALGN) was a big winner, up nearly 17%, after the marker of Invisalign braces reported a 60% rise in quarterly profit and the third straight quarter of accelerating sales growth.

Meanwhile, a breakout try for LogMeIn (LOGM) faded badly in afternoon trading. Shares popped 6% early but the gained faded to less than 1%. It’s still holding above a conventional entry at 121.35. Triple-digit earnings and sales growth in recent quarters is a result of the company’s acquisition of Citrix Systems‘ (CTXS) GoTo family of products.

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