Apple and Amazon added about $175 billion to their combined market value on Friday after upbeat results boosted investor confidence on the ability of these firms to weather a slowdown in the economy.
Amazon's shares rose about 11 per cent to $135.50 after the e-commerce titan forecast upbeat third-quarter revenue, while those of Apple rose more than 3 per cent as the company said appetite for iPhones remained strong despite consumers tightening spending. The U.S. stock market's hyper surge in the past decade has been fuelled by high-growth and megacap companies, but rising interest rates to combat decades-high inflation as well as a sharp rally in the dollar have taken a toll since the start of the year.
Amazon, like much of the retail industry, is bracing for a pullback in consumer spending as people stick to lower-priced essentials to tide over economic woes.
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