Technology stocks and related ETFs jumped Friday after Alphabet (NasdaqGS: GOOGL), Amazon (NasdaqGS: AMZN), Microsoft (NasdaqGS: MSFT) and Intel (NasdaqGS: INTC) third quarter results impressed traders.
The Technology Select Sector SPDR (NYSEArca: XLK), the largest technology ETF by assets, rose 2.6% and the PowerShares QQQ (NasdaqGM: QQQ), which tracks the tech heavy Nasdaq-100 Index, increased 2.8% on Friday.
Google’s parent company Alphabet revealed late Thursday that profits sharply rose in the third quarter while Amazon said revenue hit a record, Microsoft shares gained as its cloud-computing operations bolstered revenue and Intel strengthened after lifting its guidance, the Wall Street Journal reports.
Consequently, GOOGL shares were 5.4% higher Friday while AMZN was up 12.9%, MSFT advanced 7.0% and INTC increased 7.6%. Furthermore, both Alphabet and Amazon stocks broke above $1,000 per share.
XLK includes a 14.4% tilt toward AAPL, 10.7% to MSFT, 5.2% to GOOGL, 5.2% to GOOG and 3.4% to INTC. QQQ includes AAPL 11.8%, MSFT 8.9%, AMZN 6.7%, GOOG 4.9% and GOOGL 4.3%.