Technology

Amazon, Apple Poised to Add $220 Billion After Resilient Results

Amazon.com Inc. and Apple Inc. added about $196 billion in market value on Friday after they joined technology peers Alphabet Inc. and Microsoft Corp. in assuaging investor concerns by reporting higher revenue even as consumers curb their spending amid rising inflation.

Amazon shares jumped 10%, their biggest move since February, while Apple advanced 3.3%. The gains helped power a 1.8% rally by the Nasdaq 100 Index, locking in its best monthly performance sine April 2020. Amazon’s 27% surge in July was its biggest October 2009, while Apple’s 19% move was the best in nearly two years.