Closing Bell: Apple, Alibaba Up on Tech Rally; Stocks Climb

Stocks closed the week on a high after China cut interest rates and supported hopes the world's second-largest economy would do whatever it takes to address recent weakness.

Author:: Keris Alison Lahiff
Publish date:: Oct 23, 2015 4:40 PM EDT

Stocks closed the week on a high after China cut interest rates and supported hopes the world's second-largest economy would do whatever it takes to address recent weakness. The Dow climbed nearly 200 points. Tech stocks rallied after blowout quarters from Microsoft (MSFT), Google parent Alphabet (GOOGL) and Amazon (AMZN). Among the best performers, Alibaba (BABA) climbed nearly $5 a share while Apple (AAPL) jumped 3.1%. Apple will release third-quarter earnings Tuesday afternoon. United Continental (UAL) moved higher after reaching a tentative deal with its mechanics union. The agreement would end a three-year standoff with the union. Valeant Pharmaceuticals (VRX) has been hit with a class-action lawsuit on behalf of investors. The action alleges the drugmaker lied in public filings and news releases.