Amazon stock surges toward biggest monthly gain in 15 years

Shares of Amazon.com Inc. shot up 11.8% in morning trading Friday, in the wake of second-quarter results, to put them on for the best one-month gain in more than 15 years. The stock has run up 28.8% in July, to snap a three-month losing streak in which it tumbled 34.8%, amid growing concerns over the effect historically high inflation and a slowing economy would have on the ecommerce giant’s customers. But Amazon assuaged some of those fears, after it reported late Thursday a surprise loss for the quarter but revenue that rose above expectations, with Chief Financial Officer Brian Olsavsky saying there was a “step up in consumer demand,” according to a FactSet transcript of the post-earnings conference call with clients. The stock was headed for the biggest one-month gain since it rocketed 54.1% in April 2007. Meanwhile, the S&P 500 has gained 8.5% in July, on track for the biggest monthly gain since it climbed 10.8% in November 2020.

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