S&P 500 Gains for the Fifth Straight Month in July
Mostly powered by healthy earnings reported by big companies in recent times and vanishing hopes that the Fed will raise the benchmark interest rates any time soon, the S&P 500 climbed 3.6 percent in July. It is the biggest jump since March. Leading the list, were the technology stocks which scaled greater than 7.8 percent with better than expected earnings report from tech giants Alphabet Inc., Microsoft Corp and EBay Inc.
On Friday, the S&P 500 index touched a record intraday high and this is not the first, but is the seventh time in July. The strength mainly comes from technology sector which counter balanced losses in the energy shares.
Shares of Alphabet, Google's parent climbed 3.33 percent following its strong quarterly earnings report which reflected healthy revenue growth. Amazon.com , the online retail giant also reached a record high as gave an upbeat forecast for ongoing quarter.
The maximum contribution to Nasdaq and the S&P 500 however came from Alphabet.
At the end of July, S&P 500 was at 2,173.60just two points behind its all-time high. Nasdaq 100 Index climbed 7.1 percent, making July the best month after October.Â The Dow Jones Industrial Average gained 2.8 percent at to 18,432.24.