Tech Earnings Drive Nasdaq and S&P 500 to Records, Oil Rallies to Highs

The tech sector was the main driver of gains after Alphabet Inc., Amazon.com Inc. and Microsoft Corp. hit earnings out of the park.

Author:: Keris Alison Lahiff
Publish date:: Oct 27, 2017 4:33 PM EDT

The Nasdaq and S&P 500 were carried to fresh closing records to end the week. The tech sector was the main driver of gains after Alphabet Inc. (GOOGL) - Get Report , Amazon.com Inc. (AMZN) - Get Report and Microsoft Corp. (MSFT) - Get Report hit earnings out of the park.

Amazon ended at an all-time high with its best percentage gain since the beginning of 2015. The online retailer got a boost from an above-consensus third quarter and better-than-expected guidance for its fourth quarter.

Intel Corp. (INTC) - Get Report posted a double-digit increase in profit thanks to strong demand for personal computer and server chips. Overall revenue rose 2%. The company also raised its full-year earnings and sales forecasts.

Oil prices closed at their best level since late February. A weekly reading on drilling activity in the U.S. showed the number of active rigs fall for its seventh week in the past eight, according to Baker Hughes data.