S&P 500 Turns Positive for the Year as Tech Stocks Rally

Wall Street wowed the investment world, ending the week with a bang. The Dow surged higher by 157 points, and the S&P will definitely want to display this day on the fridge. The index turned positive for the year, adding 22 points. It was the Nasdaq that grabbed the brightest spotlight, however, locking in a gain of 111 points.

Continue Reading Below

Fueling the engine of this rally -- tech stocks. Alphabet, the newly minted parent of Google (NASDAQ:GOOGL), jumped nearly 8% as its earnings torched estimates after the bell Thursday.

Microsoft (NASDAQ:MSFT) earnings also thrilled investors, driving the stock to a 15-year high. The tech behemoth beat The Street thanks in part to the debut of Windows 10 and growth in its cloud business.

Perhaps the biggest surprise was Amazon (NASDAQ:AMZN), which for years couldn't post a profit, but this time crushed it! Its cloud business alone saw a revenue spike of 78%, helping propel the ecommerce giant to a fresh all-time high.

On the complete opposite end of the spectrum, oil fell to its lowest level in a month by 6% on the week to settle at $44.60. Cheap gasoline prices are putting more money in consumers' pockets to buy pricey pumpkin spiced lattes at Starbucks (NASDAQ:SBUX), which saw another big day too, gaining nearly 2%.