A stream of positive earnings reports, and relief after the first round of voting in the French elections, translated to robust gains for Wall Street in the past week. 

The S&P 500 added 1.5% over the past five days, the Dow Jones Industrial Average gained 1.9%, and the Nasdaq rose 2.3%. The Dow enjoyed its biggest weekly gains of 2017. 

The week ended with roughly three-fifths of S&P 500 companies having reported on their quarters. Of those that have reported earnings, 77% have exceeded analysts' earnings estimates, above the 64% historical average, according to Thomson Reuters. Nearly 65% of companies have bested revenue estimates, edging past the historical average of 59%.

It was a busy week for tech earnings. Alphabet(GOOGL) - Get Reportbested analysts' estimates on the top- and bottom-lines. CFO Ruth Porat said the company continues to benefit "from our ongoing investments in product innovation."

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Amazon(AMZN) - Get Reportreported a double-digit percentage increase in quarterly earnings on strength in its North America business. Sales in North America grew 24%, while international sales increased 16%.

Nasdaq component PayPal(PYPL) - Get Reportsurpassed quarterly targets and its board authorized a $5 billion stock repurchase program. Total payments volume grew 23% and neared a never-before-seen total of $100 billion. Its new share buyback program will go into effect once its current $2 billion plan has been exhausted.

Industry peers Microsoft(MSFT) - Get Report and Intel(INTC) - Get Report did not perform quite as well. Microsoft missed consensus on its top-line, while Intel quarterly sales came in short. 

Twitter(TWTR) - Get Reportnarrowed its quarterly loss and beat adjusted earnings estimates. Revenue fell 8% to $548 billion, but exceeded estimates of $517 million. Average monthly active users increased 6% from the fourth quarter to 328 million.

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In consumer earnings, General Motorsreported a double-digit increase in net income as sales of its trucks and SUVs boosted overall results. Net income increased 34% to $2.6 billion, a record for the first quarter. Meanwhile, Ford (F) - Get Reportsaw increased safety recall costs eat into profit over its first quarter. Net income declined by 35% to $1.6 billion.

Starbucks(SBUX) - Get Report reported revenue and comparable sales that fell short of estimates. Second-quarter revenue climbed 6% to $5.29 billion, $120 million below consensus. Global comparable store sales increased 3%, missing a target of 3.6% growth. Sales in the Americas and U.S. increased 3.5%, also missing a target of 3.5%. Earnings were in-line with expectations.

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Chipotle(CMG) - Get Report reported improving traffic trends that benefited its top- and bottom-line. Revenue surged 28% to $1.07 billion, while comparable sales increased 17.8%, above estimates of 15.5%. Chipotle has slowly tempted customers back after a food-safety scandal in late 2015.

PepsiCo(PEP) - Get Report bested analysts' earnings and sales estimates as higher pricing offset weaker volumes in North America. CEO Indra Nooyi said the quarter had been positive "despite challenging food and beverage industry trading conditions in North America and continued volatility in a number of developing and emerging markets." Beverage volume in North America fell 1%. Meanwhile, Coca-Cola(KO) - Get Report fell short of earnings estimates over its first quarter. Net income of 27 cents a share slid from 34 cents in the same period a year earlier, while adjusted earnings of 43 cents a share missed by a penny.

McDonald's(MCD) - Get Report , the world's largest burger chain, earned $1.47 a share over its recent quarter, up from $1.25 a share and higher than analysts' target of $1.33 a share. Comparable sales increased 1.7% in the U.S. as its all-day breakfast offerings continued to fuel traffic. Global comparable sales increased 4% compared to an expected increase of 1.3%.

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Dow component Boeing(BA) - Get Report reported a mixed quarter with earnings above estimates, but revenue below. CEO Dennis Muilenburg said the company remained on track to "achieve our full-year revenue, earnings and cash flow targets as our teams deliver on our large and diverse order backlog." Fellow Dow component Caterpillar(CAT) - Get Report translated solid demand to a strong quarterly performance. For the full year, Caterpillar expects earnings of $3.25 a share on $38 billion to $41 billion in sales.

DuPont, also on the Dow, posted stronger-than-expected first-quarter profit and guided for first-half operating earnings to rise 16% as it grows agricultural sales following its $130 billion merger with Dow Chemical(DOW) - Get Report . Revenue for the first quarter was $7.7 billion, DuPont said, ahead of the market forecast of $7.5 billion and a 5% increase from the first three months of last year.

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France's position in the European Union looked a little more secure on Monday following the first round of voting in the French presidential election. A vote for the status quo lit a fire under European markets and led to Wall Street's best day in nearly two months to begin the week.

Centrist Emmanuel Macron's first-round win was seen as a victory for the European Union with the candidate likely to keep France in the bloc. Anti-European Marine Le Pen would likely negotiate an exit from the EU, similar to what the United Kingdom is currently undergoing.

A buoyant week on Wall Street produced a number of milestones. The Dow and S&P 500 enjoyed their best back-to-back gains of the year on Monday and Tuesday, while the Nasdaq topped its never-before-seen 6,000 milestone.

In topping the psychologically important milestone of 6,000 for the first time Tuesday, the Nasdaq reaped the rewards of a broader market rally that pushed the tech-heavy index up 11% since the beginning of the year and nearly 22% over the past 12 months. Tech industry leaders including Apple(AAPL) - Get Report , Amazon(AMZN) - Get Report and Facebook(FB) - Get Report have contributed to recent gains. The Nasdaq first hit 5,000 in March 2000, the tail-end of the dotcom bubble. It took less than a year for the Nasdaq to move from 4,000 to 5,000.

The week ended with disappointment, though, after the first estimate of first-quarter growth in the U.S. came in weaker than anticipated. The U.S. economy grew at a pace of 0.7% over the first three months of the year, according to the Bureau of Economic Analysis. Economists surveyed by FactSet had expected U.S. gross domestic product to rise 1.2%. The first-quarter slowdown was largely tied to conservative consumer spending. Spending rose just 0.3% from January to March, the smallest increase since 2009.

The White House also disappointed markets on Wednesday after revealing its highly anticipated tax plan. The release, a one-page release and brief press conference, did not contain many surprises, but raised many questions.

"There is still a lot unknown about the tax plan," said Matthew Peterson, chief wealth strategist at LPL Financial. "For example, we know the tax brackets, but not what income levels would trigger the rates. Cash held overseas being repatriated would be at a lower, but still unknown, level."

President Donald Trump's tax plan includes a reduction in the corporate tax rate to 15% from 35% and a top individual tax rate of 35% as widely expected. The plan reduces the number of individual tax brackets to three from seven. The plan also backs the repeal of the alternative minimum tax and the death tax. Trump called upon the simplification of the tax code on the campaign trail and over the past three months in office.

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