Nasdaq Composite Gains as Google, Amazon.com Rally on Earnings

The Nasdaq Composite Index extended gains after reaching a record as Google Inc., Microsoft Corp. and Amazon.com Inc. rallied after posting results.

Google jumped 4.2 percent after saying first-quarter advertising volume jumped. Amazon climbed 14 percent as sales climbed more than analysts projected. Microsoft gained 6.9 percent after quarterly profit beat estimates.

The Nasdaq Composite climbed 0.7 percent at 9:33 a.m. in New York. The gauge closed at a record yesterday, sailing past its dot-com era peak as EBay Inc. and Microsoft rose. The Standard & Poor’s 500 Index added 0.2 percent to 2,116.90.

The S&P 500 has climbed 1.7 percent for the week, and is less than 1 point from a record set on March 2. The Dow is still 1.3 percent below its all-time high reached the same day.

The Nasdaq Composite has almost quadrupled since global equity markets bottomed in March 2009, paced by gains in tech giants from Apple Inc. to Google. Results from International Business Machines Corp. and Intel Corp. this season helped extend a five-year expansion that have lifted tech profits to a record.

Source: Bloomberg

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