By Dow Jones Business News,
July 11, 2014, 10:32:00 AM EDT
By Benjamin Pimentel, MarketWatch
SAN FRANCISCO (MarketWatch) -- Shares of Amazon.com rallied Friday as the company's latest initiatives in cloud
computing got upbeat reviews from Wall Street.
Amazon's ( AMZN ) stock climbed more than 4% to $341.62. The company just unveiled new products for its successful
Amazon Web Services business, including new systems for collaboration and mobile.
"Cloud services is one area where Amazon has an early-mover advantage and where it keeps innovating at an accelerating
pace," Jefferies analyst Brian Pitz told clients in a note.
But the tech sector was weighed down by slumping shares of Microsoft Corp. (MSFT) and IBM Corp. ( IBM ) each down a
fraction. Chip giant Intel Corp. ( INTC ) also shed 0.3%, while Oracle (ORCL) slipped 0.1%.
On the upside, shares of Facebook Inc. ( FB ) and Twitter Inc. (TWTR) were each up more than 1%. Apple Inc. ( AAPL )
shares were up nearly 1%.
The Nasdaq Composite Index (RIXF) gained 0.3% to 4,407. The benchmark was on track to end the week down nearly 2%.
The Morgan Stanley High Tech 35 Index (MSH) was up a fraction, while the Philadelphia Semiconductor Index (SOX) was
mostly flat, last down 0.1%.
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