US stock market on Friday ended at its best week in nearly two years as earnings from tech giant Microsoft and largest consumer goods companies Procter & Gamble grew and concerns over the possible spread of deadly Ebola outbreak in the United States eased, leaving the S&P 500 with its biggest weekly advance of the year.
The S&P 500 rose 5.5 percent from its low on October 15 and registered its best weekly gain in nearly two years as solid corporate earnings turned solid.
The news of first case of Ebola diagnosis in New York City badly hit the futures trade late Thursday. However, the stock markets shed off those concerns on Friday.
A doctor, who was diagnosed with the fatal Ebola infection, is presently in a stable condition at the New York City hospital, the city’s health commissioner said.
Steve Sosnick, an equity risk manager at the Timber Hill/Interactive Brokers, said, “I am encouraged by the fact that the market seems to be having a cooler head about the most recent Ebola news. It feels like a market that’s trying to consolidate some very sharp moves.”
The Microsoft shares increased 2.5 percent to USD 46.13, after the firm recorded higher-than-expected revenue at its quarterly analysis while keeping the margins of profit largely intact.
On the other hand, Procter & Gamble increased 2.3 percent to USD 85.16.
E-retailer giant Amazon fell 8.3 percent to USD 287.06 to result into the biggest drag on both the S&P 500 and Nasdaq 100 after the company’s sales projections for the significant holiday quarter made the Wall Street upset while the third-quarter results missed forecasts.
The Dow Jones industrial average increased 0.76 percent or 127.51 points to 16,805.41, while the S&P 500 rose 0.71 percent or 13.76 points to 1,964.58. On the other hand, the Nasdaq Composite added 0.69 percent or 30.92 points to 4,483.72.