economic

Stocks rise, Nasdaq outperforms as strong earnings offset economic fears

Stocks extended gains Friday morning, with the Nasdaq jumping about 1%, after a slew of better than expected corporate earnings results from major tech firms. Each of Facebook, Amazon, Apple and Netflix hit record highs shortly after market open.

Tech titans Facebook (FB), Amazon (AMZN), Apple (AAPL), and Alphabet (GOOG, GOOGL), each reported quarterly results that blew past estimates Thursday evening, affirming these companies’ pandemic-era dominance following a steep run-up in tech stocks over the past couple months.

Facebook grew its revenue 11% over last year as its advertising business remained resilient despite the pandemic-related slowdown across the broader ad industry. Alphabet’s ad business was hit more prominently by that trend, with Google ad revenue falling 8% over last year, though Alphabet’s overall top- and bottom-line results still topped estimates. Facebook’s daily active users jumped 13% to 1.79 billion and monthly active users rose 12% to 2.7% billion as the

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