U.S. stocks traded higher Friday morning, with the Nasdaq composite rallying above Thursday's all-time closing high, boosted by a more than 15 percent surge from Amazon.com Inc. The e-commerce giant's gains came after it announced revenue generated from its cloud computing unit after market close Thursday. Meanwhile, the Dow Jones Industrial Average ticked higher after Microsoft Corporation jumped 6 percent in morning trading following strong quarterly earnings.
In morning trading, the Dow Jones Industrial Average (INDEXDJX:.DJI) climbed 13.25 points, or 0.07 percent, to 18,025.02. The Standard & Poor's 500 (INDEXNASDAQ:.IXIC) added 1.66 points, or 0.08 percent, to 2,106.30. The Nasdaq composite (INDEXSP:.INX) gained 3.12 points, or 0.06 percent, to 5,032.05.
Shares of Amazon.com Inc. (NASDAQ:AMZN) soared more than 15 percent to hit an all-time intraday high of $452.65 Friday after the e-commerce giant’s quarterly revenue beat forecasts, boosted by a 24 percent jump in sales in North America. The company also revealed sales figures for its cloud computing unit, Amazon Web Services, for the first time, saying it generated revenue of $1.57 billion in the first quarter, up from $1.05 billion during the same period last year.
Tech giant Google Inc. (NASDAQ:GOOGL) rose more than 2 percent Friday, despite missing Wall Street earnings and revenue expectations. The company’s aggregate cost-per-clicks, or the average price for its online advertisements, declined 7 percent, missing analysts’ expectations for a rise of 15 percent. But in the company's defense, the decline in overall cost-per-clicks came because YouTube ads “currently monetize at a lower rate than ad clicks on Google.com," Google CFO Patrick Pichette said during a conference call with shareholders Thursday.
Meanwhile, Starbucks Corporation’s (NASDAQ:SBUX) stock price rallied to an all-time high after the coffee shop chain posted record second-quarter revenues and strong same-store sales, sending shares soaring more than 4 percent to $51.94 in morning trading.
Shares of Dow component Microsoft Corporation (NASDAQ:MSFT) leaped more than 6 percent after the world’s largest software company reported quarterly earnings that topped Wall Street estimates, driven by strong growth in hardware and cloud computing. Energy components Exxon Mobil Corporation and Chevron Corporation were among the biggest laggards in the Dow on Friday, falling 0.45 and 0.55, respectively.
Shares of American Airlines Group Inc. (NASDAQ:AAL) gained 1.2 percent after the company turned in a record first-quarter profit of $932 million, as cheaper fuel costs offsets a dip in revenue.
Eurozone finance ministers warned Greece Friday that Athens won’t receive additional aid until its government agrees a complete economic reform plan. As Greece inches closer to bankruptcy, finance ministers will review the country’s progress on May 11, a day before Athens has to make a 750 million euro payment to the International Monetary Fund, Jeroen Dijsselbloem, chairman of the Eurogroup of finance ministers, said at a news conference Friday.
Separately, durable goods orders, or purchases of big-ticket manufactured goods, jumped 4 percent in March, driven by higher demand for airplanes and cars, the Commerce Department said Friday. However, non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, declined 0.5 percent last month after a revised 2.2 percent drop in February, which was the biggest drop since July 2013.